2010-001 Council Resolution - Laserfiche WebLink

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standards as a condition of City /County acceptance. In addition, the City and/or County shall have one or more inspectors inspect the work on a full or part-time basis. The Developer, its contractors and subcontractors, shall follow all reasonable instructions received from the City's inspectors. IV. COMPLETION DATE. If the activities authorized by site and building plan approval are not completed within eighteen (6) months (July 11, 2010), the City may exercise any remedies as set forth in Section VII., unless an extension is granted by the City. V. GUARANTEE. A. The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer for the installation and construction of all Developer's Off -site Work and hereby guarantees the workmanship and materials for a period of one year following the City's final acceptance of the Developer's Off -site Work. Concurrently with the execution hereof by the Developer, the Developer will furnish to, and at all times thereafter maintain with the City, a cash deposit, certified check, or Irrevocable Letter of Credit, based on thirty - five (35 %) percent of the total estimated cost of Developer's On -site and Off -site Work or a minimum of $25,000.00. An Irrevocable Letter of Credit shall be for the exclusive use and benefit of the City of Lino Lakes and shall state thereon that the same is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Development Contract and construction of all required improvements in accordance with the ordinances and specifications of the City. The City reserves the right to draw, in 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. 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's Improvements the City shall require a Letter of Credit or Cash Escrow to cover the one -year warranty provisions of the agreement. The amount shall be determined by the City Engineer or a designee. January 11, 2010 The Boarhouse at 7317 / 7319 Lake Drive - Performance Agreement Page 3 of 8