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• <br />Century Farms North 4th Addition <br />Development Contract <br />4 -24 -2006 <br />a) Upon City approval of final plans and completion of construction of <br />roads, sanitary sewer, watermain, storm sewer, facilities, and <br />grading, the developer shall submit two (2) Mylar sets of record <br />plans, two (2) electronic copies of record plans in Anoka County <br />NAD 83 Coordinates compatible with the City's computer system, <br />including accurate locations, dimensions, elevations, grades, slopes <br />and all other pertinent information conceming the compete work. <br />b) Also a storm sewer, watermain, and sanitary sewer Excel <br />Spreadsheet must be submitted, which includes all the as -built data. <br />16. Guarantee <br />a) Faithful Performance of Construction Contracts and Letters of Credit <br />(1) The Developer will fully and faithfully comply with all terms <br />and conditions of any and all contracts entered into by the Developer <br />for the installation and construction of all Developer Improvements <br />and hereby guarantees the workmanship and materials for a period of <br />one year following the City's final acceptance of the Developer's <br />Improvements. Concurrently with the execution hereof by the <br />Developer, the Developer will furnish to, and at all times thereafter <br />maintain with the City, a cash deposit, certified check, or Irrevocable <br />Letter of Credit, based on one hundred fifty (150 %) percent of the <br />total estimated cost of Developer's Improvements. An Irrevocable <br />Letter of Credit shall be for the exclusive use and benefit of the City <br />of Lino Lakes and shall state thereon that the same is issued to <br />guarantee and assure performance by the Developer of all the terms <br />and conditions of this Development Contract and construction of all <br />required improvements in accordance with the ordinances and <br />specifications of the City. The City reserves the right to draw, in <br />whole or in part, on any portion of the Irrevocable Letter of Credit <br />for the purpose of guaranteeing the terms and conditions of this <br />contract. The Irrevocable Letter of Credit shall be automatically <br />extended for additional periods of one year from present or future <br />expiration dates unless thirty (30) days prior to such the City Clerk <br />or Administrator is notified in writing by certified mail that the <br />Letter of Credit will not be renewed. <br />b) Reduction of Escrow Guarantee. <br />(1) The Developer may request reduction of the Letter of Credit, <br />or cash deposit based on prepayment or the value of the <br />page 6 <br />-48- <br />