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five (35%)percent of the total estimated cost of Developer's On-site <br /> Work. An Irrevocable Letter of Credit shall be for the exclusive use and <br /> benefit of the City of Lino Lakes and shall state thereon that the same is <br /> issued to guarantee and assure performance by the Developer of all the <br /> terms and conditions of this Development Contract, construction of all <br /> required improvements in accordance with the ordinances and <br /> specifications of the City and guarantees the workmanship and materials <br /> for the landscape improvements for a period of one year following the <br /> City's acceptance of the landscape improvements. The City reserves the <br /> right to draw, in whole or in part, on any portion of the Irrevocable Letter <br /> of Credit for the purpose of guaranteeing the terms and conditions of this <br /> contract, if Developer has been found to be in default of this agreement <br /> and only after providing Developer with written notice and opportunity to <br /> cure any default. The Irrevocable Letter of Credit shall be automatically <br /> extended for additional periods of one year from present or future <br /> expiration dates unless sixty(60) days prior to such the City Clerk or <br /> Administrator is notified in writing by certified mail or overnight mail that <br /> the Letter of Credit will not be renewed. <br /> B. Upon written request, The City will grant a reduction of the Letter of <br /> Credit, or cash deposit based on prepayment or the value of the completed <br /> improvements at the time of the requested reduction. The Developer may <br /> make such requests three times throughout the life of this agreement, with <br /> the third and/or final request being at the completion of the project. The <br /> City will respond to such request within 30 days time. Prior to the final <br /> acceptance of the Developer's Improvements the City shall require a <br /> Letter of Credit or Cash Escrow to cover the warranty provisions of the <br /> agreement. The amount shall be agreed to by the City Engineer and <br /> Developer and Developer may use the Letter of Credit discussed in <br /> Section VLA above. <br /> VII. REIMBURSEMENT OF COSTS. <br /> A. The Developer agrees to establish a non-interest bearing escrow account <br /> with the City in an amount established by the City Engineer or his <br /> designee for the payment of all City fees and costs incurred by the City <br /> related to the On-site Work, including, but not limited to,the following: <br /> 1. Site Plan Review Fee $1,500.00 <br /> 2 Administration $7,500.00 <br /> (Legal, Engineering, Planning and Contract Administration) <br /> 3. Negative Short Term Escrow Balance $0.00 <br /> Total Estimated (Budget) Costs for Escrow Account $9,000.00 <br /> Rehbein Site Development Preparation Performance Agreement page 4 of 11 <br />