2011-071 Council Resolution - Laserfiche WebLink

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irons (to be exposed in field), and the 100 -Year High Water Level (HWL) of all ponds, lakes, and wetland areas. III. OFF -SITE WORK A. Off -site Work. The Developer shall design and install, at the Developer's Expense, certain Off -site Work as follows: This parking expansion project includes no Off -site Work. IV. COMPLETION DATE. The activities authorized by site and building plan approval shall be initiated within six (6) months after the date of execution of this Agreement unless extension is granted by the City. If such activity is not completed within eighteen (18) months after commencement, 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 Work and hereby guarantees the workmanship and materials for a period of one year following the City's final approval of the Developer's 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 Work. 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 as further provided in Section VII. 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. The Letter of Credit or other financial guarantee shall be released and returned within 90 days following the City's final approval of the Work. Eagle Brook Performance Agreement 2011 page 4 of 8