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Wilkinson Waters Addition <br />Grading Agreement <br />June 9, 2025 <br /> page 4 <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. Public Improvement Surety Agreement, Not Applicable. <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 work required to be performed by it against poor <br />material and faulty workmanship for a period of one year after its completion and <br />acceptance by the City. Slopes shall be stabilized and ground cover established and <br />maintained over the disturbed area in accordance with the Storm Water Pollution <br />Prevention Plan (SWPPP). The City shall retain a portion of the security provided for in <br />Section 10, in the amount determined by the City Engineer, to ensure compliance with this <br />section. <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. Not Applicable. <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 />Page 229 of 353