11/08/2010 Council Packet - Laserfiche WebLink

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• • • AMENDMENT TO DEVELOPMENT CONTRACT Marshan Meadows Whereas, the City of Lino Lakes ("the City") and Bruggeman Properties, L.L.C. (`the Developer ") entered into a Development Contract on March 13, 2006, for a planned unit development known as Marshan Meadows Addition ("the Subdivision "); and Whereas, the Development Contract was recorded against the properties within the Subdivision and constitutes a covenant upon the land; and Whereas, the Developer financed construction of the Subdivision through Citizens State Bank of Hudson, Wisconsin (`the Bank "); and Whereas, pursuant to the Development Contract, the Developer put cash in escrow with the City to cover costs incurred by the City, and obtained a letter of credit from the Bank to guarantee construction of all Developer improvements; and Whereas, the Developer defaulted on its loan with Citizens, and breached the Development Contract by, inter alia, not maintaining the required letter of credit; and Whereas, the Bank foreclosed on the land in the Subdivision owned by the Developer and the redemption period has expired; and Whereas, the asphalt wear course and some punch list items must still be completed pursuant to the Development Contract; and Whereas, it is in the best interests of all parties hereto that the Subdivision be completed. Now, therefore, the City, the Developer and the Bank, in consideration of the mutual promises contained herein, agree as follows: 1. The items remaining to be completed under the Development Contract as of October 26, 2010, are: a. Remove fabric in catch basins to allow for inspection. b. Place shoulder materials on Lake Drive along edge of new turn lane pavement. c. Remove grass between bituminous base course and concrete curb and gutter prior to paving wear course. d. Repair damaged curb prior to paving wear course. City marked 15 locations that must be saw cut and sealed.