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• <br />• <br />Pine Glen — Phase II <br />Development Contract <br />March 12, 2007 <br />construction and installation of the Developer and City <br />Improvements as determined by the City. <br />d) All construction debris and trash shall be properly disposed of at the <br />Developer expense and in a timely manner as determined by the <br />City. <br />9. Record Drawings <br />a) Upon completion of construction of roads, sanitary sewer, <br />watermain, storm sewer, facilities, and grading, the developer shall <br />submit two (2) sets of record plans, two (2) electronic copies of <br />record plans in Anoka County NAD 83 Coordinates compatible with <br />the City's computer system, including accurate locations, <br />dimensions, elevations, grades, slopes and all other pertinent <br />information concerning the compete work. <br />b) Also a storm sewer, watermain, and sanitary sewer Excel <br />Spreadsheet must be submitted, which includes all the as-built data. <br />10. Guarantee <br />a) Faithful Performance of Construction Contracts and Letters of Credit <br />(1) The Developer will fully and faithfully comply with all terms <br />and conditions of any and all contracts entered into by the Developer <br />for the installation and construction of all Developer Improvements <br />and hereby guarantees the workmanship and materials for a period of <br />one year following the City's final acceptance of the Developer's <br />Improvements. Concurrently with the execution hereof by the <br />Developer, the Developer will furnish to, and at all times thereafter <br />maintain with the City, a cash deposit, certified check, or Irrevocable <br />Letter of Credit, based on one hundred fifty (150 %) percent of the <br />total estimated cost of Developer's Improvements. An Irrevocable <br />Letter of Credit shall be for the exclusive use and benefit of the City <br />of Lino Lakes and shall state thereon that the same is issued to <br />guarantee and assure performance by the Developer of all the terms <br />and conditions of this Development Contract and construction of all <br />required improvements in accordance with the ordinances and <br />specifications of the City. The City reserves the right to draw, in <br />whole or in part, on any portion of the Irrevocable Letter of Credit <br />for the purpose of guaranteeing the terms and conditions of this <br />contract. The Irrevocable Letter of Credit shall be automatically <br />extended for additional periods of one year from present or future <br />expiration dates unless thirty (30) days prior to such the City Clerk <br />page 5 <br />