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Slater Addition <br />Development Agreement <br />January 13, 2025 <br />c. Alternatively, the Developer may enter into a Public Improvement Surety <br />Agreement, subject to City approval. <br />d. Reduction of Security. The Developer may request reduction of the Letter of Credit <br />or cash deposit based on prepayment or the value of the completed improvements <br />at the time of the requested reduction. <br />11. Warranty. The Developer warrants all utility work required to be performed by it against <br />poor material and faulty workmanship for a period of two years after its completion and <br />acceptance by the City. All new streets shall be warranted by the developer for a period <br />of one year from the time the final inspection of the street is completed and accepted <br />by the City Council. All trees, grass and sod shall be warranted to be alive, of good quality <br />and disease free for 12 months after planting. Prior to final acceptance of the Developer <br />Improvements the City shall require a Surety Bond or Cash Escrow to cover the warranty <br />provisions of this Agreement. The amount shall be 20 % of the original cost of construction <br />identify in Exhibit B. <br />12. Dedication. The Developer shall dedicate to the City, at no cost to the City, any <br />permanent or temporary easements that may be necessary for the construction and <br />installation of the Developer Improvements. All such easements required by the City <br />shall be in writing, in recordable form, containing such terms and conditions as the City <br />shall determine. <br />13. Ownership of Improvements. Upon completion and City acceptance of the work and <br />construction required by this Agreement, the public improvements lying within public <br />rights -of -way and easements shall become City property without further notice or <br />action unless the improvements are to be deemed private infrastructure. <br />14. Recording and Release. The Developer agrees that the terms of this Development <br />Agreement shall be a covenant on any and all property included in the Subdivision. The <br />Developer agrees that the City shall have the right to record a copy of this Development <br />Agreement with the Anoka County Recorder to give notice to future purchasers and <br />owners. This shall be recorded against the Subdivision described on Page 1. <br />15. Escrow for City's Costs. <br />a. The Developer agrees to establish a non -interest bearing escrow account with <br />the City in an amount determined by the City Administrator or their designee for <br />the payment of all costs incurred by the City related to the development of the <br />Subdivision including, but not limited to, the following (See Exhibit B for <br />breakdown of costs): <br />i. Planning/ Review <br />page 6 <br />