06/24/2002 Council Packet - Laserfiche WebLink

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• • • 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 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 terms and conditions of this Site Improvement Performance Agreement 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 Agreement. The Irrevocable Letter of Credit shall be renewed or replaced by not later than thirty (30) days prior to its expiration with a like letter. 2. Reduction of Escrow Guarantee. 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. The amount of reduction will be determined by the City Engineer. SPECIAL ASSESSMENTS The City will levy Special Assessments against the Property in the principal amount of $60,911.86, as set forth in Exhibit C for the Public Improvements which have been constructed and which benefit the Property. All special assessments levied hereto shall be payable over a term of 10 years in semi - annual installments of principal and interest at a rate of 8% per annum and shall be certified to the Anoka County Auditor for collection with the Real Estate Taxes. The Developer waives any and all procedural and substantive objections to the special assessments, including but not limited to hearing requirements and any claim that the assessments exceed the benefit to the Property. 06/19/02 4 Raske Agreement