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Pine Glen — Phase I <br />Development Contract <br />May 22, 2006 <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 />completed improvements at the time of the requested <br />reduction. Prior to the final acceptance of the Developer <br />Improvements the City shall require a Performance Bond or <br />Cash Escrow to cover the one -year warranty provisions of <br />the agreement. The amount shall be determined by the City <br />Engineer. <br />III. CITY IMPROVEMENTS <br />A. There are no new City Improvements for this project. <br />IV. RECORDING AND RELEASE <br />A. The Developer agrees that the terms of this Development Contract shall be a <br />covenant on any and all property included in the Subdivision. The Developer agrees <br />that the City shall have the right to record a copy of this Development Contract with <br />the Anoka County Recorder to give notice to future purchasers and owners. This <br />shall be recorded against the Subdivision described on Page 1 hereof. City shall <br />provide to Developer upon payment of all the special assessments levied against a <br />parcel, a release of such parcel from the terms and conditions of this Development <br />Contract subject to provisions contained in this contract. <br />V. REIMBURSEMENT OF COSTS <br />A. The Developer agrees to establish a non - interest bearing escrow account with the <br />City in an amount determined by the City Administrator or his designee for the <br />payment of all costs incurred by the City related to the development of the <br />Subdivision and the Developer Improvements including, but not limited to, the <br />following (See Attachment B for breakdown of costs): <br />page 7 <br />