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Resolution 24-009
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Resolution 24-009
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1/23/2024 12:23:42 PM
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1/23/2024 12:23:34 PM
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City Council
Council Document Type
Resolutions
Meeting Date
01/22/2024
Council Meeting Type
Regular
Resolution #
24-09
Resolution Title
Approving Site Improvement Performance Agreement with Vorandesoto LLC (Culver's Restaurant)
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If the activities authorized by site and building plan approval are not initiated <br /> within twelve(12)months from the final execution of this agreement,then <br /> Developer will need to start the site and building plan approval process from <br /> the beginning. <br /> VI. GUARANTEE. <br /> A. The Developer will fully and faithfully comply with all terms and <br /> conditions of any and all contracts entered into by the Developer. <br /> Concurrently with the execution hereof by the Developer,the Developer <br /> will furnish to, and at all times thereafter maintain with the City, a cash <br /> deposit,certified check, or Irrevocable Letter of Credit,based on thirty- <br /> 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 VI.A above. <br /> VII. REIMBURSEMENT OF COSTS. <br /> Culver's Site Performance Agreement page 5 of 11 <br />
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