10/14/2002 Council Packet - Laserfiche WebLink

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• • • unreasonably delayed. Concurrently with the execution hereof by the Developer, the Developer shall furnish to and maintain with the City security based on thirty - five (35 %) percent of the total estimated cost of Developer's Improvements as shown on Exhibit C. Such Security shall consist of a cash deposit, or irrevocable letter of credit. Said Security shall be for the exclusive use and benefit of the City of Lino Lakes and shall state therein 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, upon thirty (30) days notice, reserves the right to draw, in whole or in part, on any portion of the Security for the purpose of guaranteeing the terms and conditions of this contract. The Security shall be renewed or replaced by no later than thirty (30) days prior to its expiration with a like letter . B. The Developer may request a reduction in the Security, based on prepayment or the value of the completed improvements at the time of the requested reduction. The amount of reduction will be reasonably determined by the City Engineer and shall be proportionate to the work completed. 6. CITY IMPROVEMENTS. A. Pursuant to the provisions of a certain Development Contract between the Developer and the City, dated December 17, 2001, and filed for record in the office of the Anoka County Recorder as Document No. 1647674, the City has installed Public Improvements to service the Development Property. Such Public Improvements consist of Street, Sidewalk, Sanitary Sewer, Water Main, Storm Sewer and Traffic Control devices. B. Upon approval and recording of the Final Plat of JADT Addition the City shall reallocate the special assessments levied pursuant to the Development Contract between the two parties, dated December 17, 2001, on a square foot basis across Lots 1, 2, 3 and 4, Block 1, JADT Addition. 7. LICENSE. The Developer hereby grants the City, its agents, employees, officers and contractors a license to enter the Development Property to perform all appropriate and reasonable work and inspections deemed appropriate by the City in conjunction with development of the Development Property and the installation of the Developer or City Improvements. 8. OWNERSHIP OF IMPROVEMENTS. All Developer Improvements shall remain the property of the Developer or assigns. The Developer or its assigns shall be responsible for all installation, maintenance and replacement, if necessary, associated with said Developer Improvements. The City of Lino Lakes reserves the right, upon thirty (30) days notice, to take corrective action in instances where Developer Improvements lying JADT AGREEMENT 5 10/09/02