Laserfiche WebLink
<br /> <br />{00394869 4} 1 <br />AGREEMENT REPAYMENT FOR CONSTRUCTING CITY IMPROVEMENTS <br /> <br />THIS AGREEMENT (“Agreement”) is made and entered into effective the __ day of ___________, <br />202__, by and between the City of Lino Lakes, a Minnesota municipal corporation (“City”), and U.S. HOME, <br />LLC, a Delaware company, as successor-by-conversion to U.S. HOME CORPORATION (“Lennar”). <br /> <br />RECITALS <br /> <br />A. The City owns Outlot C, WATERMARK 4TH ADDITION, according to the recorded Plat thereof <br />(“City Parcel”). <br />B. In connection with Lennar’s construction of certain improvements to be located on land adjacent <br />to the City Parcel, City has requested that Lennar construct the following improvements on the City <br />Parcel, as more particularly shown on the “Watermark Amenity Center & Public Park Parking-Site <br />Improvement Plans, prepared by Carlson McCain revision date 12/07/22” (the “Site Improvement <br />Plans”) or as otherwise revised and approved by the City attached as Exhibit A hereto (collectively, <br />the “Site Improvements”): <br />a. The portion of the shared entrance and driveway located on the City Parcel; <br />b. The parking lot located on the City Parcel, together with curbing, striping, landscaping, <br />and other related improvements to the parking lot as shown on the Site Improvement Plans; <br />and <br />c. The sidewalk located on the City Parcel that runs along the north-easterly boundary of the <br />parking lot on the City Parcel, to the point of connection with the sidewalk to be located <br />on the HOA Clubhouse Lot all as shown on the Site Improvement Plans. <br />C. Lennar has agreed to construct the Site Improvements per the Site Improvement Plans on the City <br />Parcel, subject to the City reimbursing Lennar for the costs thereof in accordance with this <br />Agreement. <br />NOW, THEREFORE, in consideration of the foregoing and the matters set forth in this Agreement, the <br />City and Lennar agree as follows. <br /> <br />1. Lennar hereby agrees to construct the Site Improvements in accordance with the Site Improvement <br />Plans or as otherwise expressly approved by the City. The City hereby agrees to reimburse Lennar for the <br />actual out-of-pocket costs incurred by Lennar in constructing the Site Improvements, such amount being <br />referred to herein as the “Reimbursement Amount”. Provided Lennar has completed the Site Improvements <br />and has provided an invoice to the City supporting the Reimbursement Amount, the City agrees to pay the <br />Reimbursement Amount in immediately available funds to Lennar within thirty (30) days after the City <br />engineer has approved the completed Site Improvements, which approval shall not be unreasonably <br />withheld, conditioned or delayed. Notwithstanding anything to the contrary herein, in no event shall the <br />Reimbursement Amount exceed $138,922.50 based on one hundred fifty (150%) percent of the total <br />estimated cost to construct the parking lot located on the City Parcel, together with curbing, striping, <br />landscaping, and other related improvements to the parking lot as shown on the Site Improvement Plans; <br />and the sidewalk located on the City Parcel that runs along the north-easterly boundary of the parking lot <br />on the City Parcel, to the point of connection with the sidewalk to be located on the HOA Clubhouse Lot <br />all as shown on the Site Improvement Plans.