03/13/2006 Council Packet (2) - Laserfiche WebLink

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Marshan Meadows Development Contract 3 -13 -2006 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) III. CITY IMPROVEMENTS 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 Improvements the City shall require a Performance Bond or Cash Escrow to cover the one -year warranty provisions of the agreement. The amount shall be determined by the City Engineer. A. There are no new City Improvements for this project. IV. RECORDING AND RELEASE A. The Developer agrees that the terms of this Development Contract shall be a covenant on any and all property included in the Subdivision. The Developer agrees that the City shall have the right to record a copy of this Development Contract with the Anoka County Recorder to give notice to future purchasers and owners. This shall be recorded against the Subdivision described on Page 1 hereof. City shall provide to Developer upon payment of all the special assessments levied against a parcel, a release of such parcel from the tenis and conditions of this Development Contract subject to provisions contained in this contract. v. B. Homeowners association declaration/covenants must be submitted for City Attorney review as required by the City's final plat requirements. In addition, the Developer shall convey to the homeowners association of the existing townhomes abutting the north border of the property, an access easement over the existing access drive. Prior to approval of the final plat by the City Council, the developer shall submit a copy of the easement document and proof that the easement document has been filed with Anoka County. The access drive as it currently exists shall not be altered. REIMBURSEMENT OF COSTS A. The Developer agrees to establish a non - interest bearing escrow account with the City in an amount determined by the City Administrator or his designee for the page 7 -47-