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C. Assurance that the developer will conform with current testing <br />requirements and quality control procedures of the City of Lino <br />Lakes and provide documentation from a quaff ified testing <br />laboratory and /or registered professional engineer that the <br />protect has been constructed in accordance with the requirements <br />of the approved plans and specifications: <br />D. A cash escrow or letter of credit shall be posted to guarantee <br />installation of such improvements. it shall be in an amount <br />equal to 150% of the City Engineer's estimated project cost. <br />The project costs shall also include one percent (1 %) of the <br />costruction costs for aerial photo cost recovery, as required by <br />Resolution 87 -76. <br />The project costs shall include all previously unpaid trunk sewer <br />and /or water area charges and connection charges. <br />If the required improvements are not completed within the time <br />period in the development agreement, the City may proceed to <br />complete the improvements by .contract or force account and obtain <br />reimbursement of its costs from the posted security deposit. If <br />the funds avallable are not sufficient to complete the required <br />improvements, the additional cost shall be assessed against the <br />development in equal' annual installments over a period of two <br />years. <br />F. Should the developer elect to install a portion of the required <br />Improvements and petition the City for the remainder, the <br />requirements of this Policy shall apply to those respective; <br />portions of the i mprovements. <br />The City reserves the right to withhold building permits for <br />violation of any terms or conditions of this policy or the <br />development agreement. <br />The City reserves the right to limit the number of building <br />permits issued prior to completion and acceptance of the <br />improvements by the City. <br />The security deposit shall be irrevocable for the full term of any <br />assessments for which given or for the full period of construction of <br />the improvements' by the developer, whichever is applicable. The <br />agreement shall be so conditioned as to guarantee payment of the <br />assessments as due or to pay for the cost of improvements which the <br />developer agreed to install. <br />The required security deposit may consist of a cash escrow or an <br />irrevocable letter of credit, in a form acceptable to the City Attorney <br />and with firms authorized to do business in the State of Minnesota. <br />1 -11 -88 <br />-6- <br />7777 -007 <br />