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2013-105 Council Resolution
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2013-105 Council Resolution
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10/3/2014 10:42:35 AM
Creation date
10/3/2014 10:06:49 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
09/23/2013
Council Meeting Type
Regular
Resolution #
13-105
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• <br />specifications of the City. The City reserves the right to draw, in whole or <br />in part, on any portion of the Irrevocable Letter of Credit for the purpose <br />of guaranteeing the terms and conditions of this contract, if Developer has <br />been found to be in default of this agreement and only after providing <br />Developer with written notice and opportunity to cure any default. The <br />Irrevocable Letter of Credit shall be automatically extended for additional <br />periods of one year from present or future expiration dates unless thirty <br />(30) days prior to such the City Clerk or Administrator is notified in <br />writing by certified mail or overnight mail that the Letter of Credit will not <br />be renewed. <br />B. Upon written request, The City will grant a reduction of the Letter of <br />Credit, or cash deposit based on prepayment or the value of the completed <br />improvements at the time of the requested reduction. The Developer may <br />make such requests three times throughout the life of this agreement, with <br />the third and/or final request being at the completion of the project. The <br />City will respond to such request within 30 days time. Prior to the final <br />acceptance of the Developer's Improvements the City shall require a <br />Letter of Credit or Cash Escrow to cover the warranty provisions of the <br />agreement. The amount shall be agreed to by the City Engineer and <br />Developer and Developer may use the Letter of Credit discussed in <br />Section V.A above. <br />• VI. REIMBURSEMENT OF COSTS. <br />• <br />A. The Developer agrees to establish a non - interest bearing escrow account <br />with the City in an amount established by the City Engineer or his <br />designee for the payment of all City fees and costs incurred by the City <br />related to the On -site Work, including, but not limited to, the following: <br />1. Site Plan Review Fee (Existing escrow deficit) <br />2. Administration (Legal, Engineering, Planning, and Contract administration) <br />3. Sanitary Sewer Trunk Unit Fee (4 units @ $2,911 per unit) <br />4. Water Trunk Unit Fee (4 units @ $3,854 per unit) <br />5. Surface Water Management Fee (paid with Lino Lakes Market Place)* <br />Total Estimated (Budget) Costs for Escrow Account*** <br />B. If it appears that the actual costs incurred will exceed the estimate or that <br />the actual costs incurred will be less than the estimate, then Developer and <br />City shall review the costs required to complete the project. In such case, <br />if the actual costs exceed the estimate, then Developer shall promptly pay <br />the additional sums to the City to pay for the agreed upon increase. <br />However, in such case where the actual costs are less than the estimate, <br />the City shall promptly reimburse to Developer any amounts overpaid by <br />$1,500.00 <br />$1,500.00 <br />$11,644 <br />$15,416 <br />$.00 <br />$30,060 <br />Subway Site Performance Agreement 091913.doc page 4 of 8 <br />
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