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2013-137 Council Resolution
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2013-137 Council Resolution
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10/3/2014 2:00:41 PM
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10/3/2014 12:07:24 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
12/09/2013
Council Meeting Type
Regular
Resolution #
13-137
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III. Record Drawings <br />A record drawing that includes an as -built survey of all storm water <br />BMP's (ponds, rain gardens, trenches, swales, etc.) is to be submitted to <br />the City for verification of compliance with the approved plans. A hard <br />copy and an electronic copy of the record drawing must be submitted. <br />IV. COMPLETION DATE. <br />If the activities authorized by site and building plan approval are not initiated <br />within twelve (12) months from the final execution of this agreement, then <br />Developer will need to start the site and building plan approval process from <br />the beginning. <br />V. GUARANTEE. <br />A. The Developer will fully and faithfully comply with all terms and <br />conditions of any and all contracts entered into by the Developer. <br />Concurrently with the execution hereof by the Developer, the Developer <br />will furnish to, and at all times thereafter maintain with the City, a cash <br />deposit, certified check, or hrrevocable Letter of Credit, based on thirty - <br />five (35 %) percent of the total estimated cost of Developer's On -site <br />Work. An Irrevocable Letter of Credit shall be for the exclusive use and <br />benefit of the City of Lino Lakes and shall state thereon that the same is <br />issued to guarantee and assure performance by the Developer of all the <br />terms and conditions of this Development Contract, construction of all <br />required improvements in accordance with the ordinances and <br />specifications of the City and guarantees the workmanship and materials <br />for the landscape improvements for a period of one year following the <br />City's acceptance of the landscape improvements. The City reserves the <br />right to draw, in whole or in part, on any portion of the Irrevocable Letter <br />of Credit for the purpose of guaranteeing the terms and conditions of this <br />contract, if Developer has been found to be in default of this agreement <br />and only after providing Developer with written notice and opportunity to <br />cure any default. The Irrevocable Letter of Credit shall be automatically <br />extended for additional periods of one year from present or future <br />expiration dates unless sixty (60) days prior to such the City Clerk or <br />Administrator is notified in writing by certified mail or overnight mail that <br />the Letter of Credit will not 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 fmal <br />Northern Wholesale Site Performance Agreement 100213 page 3 of 8 <br />
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