08/26/2002 Council Packet - Laserfiche WebLink

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• • • Development Contract Clearwater Creek 5th Addition 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 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's Improvements the City shall require a Performance Bond or Cash Escrow to cover the warranty provisions of the agreement. The amount shall be determined by the City Engineer. III. CITY'S IMPROVEMENTS A. The City shall install the following described improvements to serve the Subdivision on the terms and conditions herein set forth: 1. Storm sewer trunks. 2. Sanitary sewer trunks. 3. Water trunks. 4. Final wear course. B. Construction Procedures 1. All City improvements above shall be instituted, constructed and financed as follows: The City shall commence proceedings pursuant to Minnesota Statute 429 and City Charter providing that such improvements be made and assessed against the benefited properties. After preparation of preliminary plans and estimates by the City Engineer, an improvement hearing, if page 7