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Milestones Addition <br /> Development Agreement <br /> August 28, 2023 <br /> include accurate locations, dimensions,elevations,grades, slopes and all other <br /> pertinent information concerning the complete work. <br /> b. The Developer shall submit certified compaction testing results for the site <br /> grading operations that certify that grading work meets pertinent compaction <br /> requirements for the project. <br /> c. A summary of the record plan attribute data for the storm sewer,watermain, <br /> and sanitary sewer structures and pipes shall be submitted in the form of an <br /> Excel Spreadsheet as provided by the City Engineer. <br /> d. No securities will be fully released until all record drawings have been submitted <br /> and accepted by the City Engineer. <br /> 10. Faithful Performance of Construction Contracts and Security. <br /> a. The Developer will fully and faithfully comply with all terms and conditions of any <br /> and all contracts entered into by the Developer for the installation and construction <br /> of all Developer Improvements. Concurrent with the execution hereof by the <br /> Developer,the Developer will furnish to, and at all times thereafter maintain with <br /> the City,a cash deposit,certified check, or Irrevocable Letter of Credit, based on <br /> one hundred fifty(150%) percent of the total estimated cost of Developer's <br /> Improvements as determined by the City Engineer. <br /> b. Irrevocable Letter of Credit. If an Irrevocable Letter of Credit is utilized, it shall be <br /> for the exclusive use and benefit of the City of Lino Lakes and shall state that it is <br /> issued to guarantee and assure performance by the Developer of all the terms and <br /> conditions of this Development Agreement and construction of all required <br /> improvements referenced therein in accordance with the ordinances and <br /> specifications of the City. The letter shall be in a form, and from a bank, as <br /> approved by the City. The City reserves the right to draw, in whole or in part, on <br /> any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the <br /> terms and conditions of this agreement. The Irrevocable Letter of Credit shall be <br /> automatically extended for additional periods of one year from present or future <br /> expiration dates on an annual basis, unless at least sixty (60) days prior to the <br /> expiration date,the Community Development Director and City Engineer, are <br /> notified by certified mail or overnight courier,that the Letter of Credit will not be <br /> extended. <br /> c. Alternatively,the Developer may enter into a Public Improvement Surety <br /> Agreement,subject to City approval. Not Applicable. <br /> page 5 <br />