08/11/2003 Council Packet - Laserfiche WebLink

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• • Development Contract Lake Amelia Roadway 8 -6 -2003 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) 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. III. CITY IMPROVEMENTS A. There are no City Improvements with this agreement. W. 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 existing lots of record described herein. 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 existing lots of record described on Page 1 hereof. V. 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 payment of all costs incurred by the City related to the development of the Subdivision and the Developer Improvements including, but not limited to, the following (See Attachment B for breakdown of costs): 1. Planner Review Fee 2. Administration - 3% Construction Cost 3. Engineering a) Administration b) Construction Observation 4. Legal - Review page 7