2013-055 Council Resolution - Laserfiche WebLink

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The Village No. 5 Development Contract May, 2013 14. Record Drawings a) Upon completion of construction of roads, sanitary sewer, watermain, storm sewer, facilities, and grading, the developer shall submit two (2) sets of record plans, two (2) electronic copies of record plans in Anoka County NAD 83 Coordinates compatible with the City's computer system, including accurate locations, dimensions, elevations, grades, slopes and all other pertinent information concerning the compete work. b) Also a storm sewer, watermain, and sanitary sewer Excel Spreadsheet must be submitted, which includes all the as-built data. 15. Faithful Performance of Construction Contracts and Letter of Credit 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 Public Improvementsaand hereby guarantees the workmanship and materials for a period of one year following the City's final acceptance of the Developer's Public Improvements. 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 one hundred twenty percent (120 %) of the total estimated cost of Developer's Public Improvements and thirty five percent (35 %) of Developer's Private Improvements. The bank and form of the Letter of Credit or security shall be subject to the approval of the City, which shall not be unreasonably withheld. 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. 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's page 6 • •