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P97 reproducible mylar "Record" drawings, and two complete sets of paper copy "Record" drawings, all prepared in accordance with City standards. An electronic copy of the plans shall also be submitted in an AutoCAD DWG format. F. Cost Estimates. The Developer shall provide the City with a written estimate of all applicable costs of the Off -Site Work, itemized by type; the estimates shall be based upon the actual estimates provided by the contractors who are to do the Work. Said cost estimates shall be reviewed by the City, and the City shall establish the actual amount of the financial guarantee. The Description of and estimated Costs of Developer's Off - Site Work is as follows: IV. COMPLETION DATE. The activities authorized by site and building plan approval shall be initiated within six (6) months after the date of execution of this Agreement unless extension is granted by the City. If such activity is not completed within eighteen (18) months, the City may exercise any remedies as set forth in Section VII., unless an extension is granted by the City. V. GUARANTEE. A. The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer for the installation and construction of all Developer's Work and hereby guarantees the workmanship and materials for a period of one year following the City's final acceptance of the Developer's Work. Concurrently with the execution hereof by the Developer, the Developer will furnish to, and at all times thereafter maintain with the City, a cash deposit, certified check, or Irrevocable Letter of Credit, based on thirty - five (35 %) percent of the total estimated cost of Developer's Work. 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 terms and conditions of this Development Contract and construction of all required improvements in accordance with the ordinances and specifications of the page 4 of 9 Description of Improvements Estimated Costs 1 Excavation, construction, restoration for driveway /access within Lake Drive right of way and Main Street right of way $4,460.00 Total Estimated Cost of Developer Off -Site Work $ 4,460.00 Security Requirement (Total * 35 %) $ 1,560 IV. COMPLETION DATE. The activities authorized by site and building plan approval shall be initiated within six (6) months after the date of execution of this Agreement unless extension is granted by the City. If such activity is not completed within eighteen (18) months, the City may exercise any remedies as set forth in Section VII., unless an extension is granted by the City. V. GUARANTEE. A. The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer for the installation and construction of all Developer's Work and hereby guarantees the workmanship and materials for a period of one year following the City's final acceptance of the Developer's Work. Concurrently with the execution hereof by the Developer, the Developer will furnish to, and at all times thereafter maintain with the City, a cash deposit, certified check, or Irrevocable Letter of Credit, based on thirty - five (35 %) percent of the total estimated cost of Developer's Work. 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 terms and conditions of this Development Contract and construction of all required improvements in accordance with the ordinances and specifications of the page 4 of 9