03/14/2005 Council Packet - Laserfiche WebLink

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Development Contract Century Farm North 3rd Addition March 14, 2005 check, or Irrevocable Letter of Credit, based on one hundred fifty (150 %) percent of the total estimated cost of Developer's Improvements. An Irrevocable Letter of Credit shall be for the exclusive use and benefit of the City of Lino Lakes and shall state thereon that the same is issued to guarantee and assure performance by the Developer of all the teiius and conditions of this Development Contract and construction of all required improvements in accordance with the ordinances and specifications of the City. The City reserves the right to draw, in whole or in part, on any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the terms and conditions of this contract. The Irrevocable Letter of Credit shall be automatically extended for additional periods of one year from present or future expiration dates unless thirty (30) days prior to such the City Clerk or Administrator is notified in writing by certified mail that the Letter of Credit will not be renewed. b) Reduction of Escrow Guarantee. (1) The Developer may request reduction of the Letter of Credit, or cash deposit based on prepayment or the value of the completed improvements at the time of the requested reduction. Prior to the final acceptance of the Developer Improvements the City shall require a Performance Bond or Cash Escrow to cover the one -year warranty provisions of the agreement. The amount shall be deteinlined by the City Engineer. III. CITY IMPROVEMENTS A. The City shall credit the Developer for the following described improvements to serve the Subdivision on the terms and conditions herein set forth: 1. Sanitary sewer trunks. 2 Water trunks. B. The Developer shall reimburse the City for the following described improvements to serve the Subdivision on the terms and conditions herein set forth: 1. Sanitary sewer trunks. C. Construction Procedures page 7 -67-