Laserfiche WebLink
Development Contract <br />Miller's Crossroads — Phase I 2 -18 -2004 <br />19. The Developer shall construct and pay for all improvements as described in <br />the landscaping plan. <br />20. 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 <br />Developer for the installation and construction of all <br />Developer's Improvements and hereby guarantees the <br />workmanship and materials for a period of one year <br />following the City's final acceptance of the Developer's <br />Improvements. Concurrently with the execution hereof by <br />the Developer, the Developer will furnish to, and at all times <br />thereafter maintain with the City, a cash deposit, certified <br />check, or Irrevocable Letter of Credit, based on one hundred <br />fifty (150 %) percent of the total estimated cost of <br />Developer's Improvements. An Irrevocable Letter of Credit <br />shall be for the exclusive use and benefit of the City of Lino <br />Lakes and shall state thereon that the same is issued to <br />guarantee and assure performance by the Developer of all the <br />terms and conditions of this Development Contract and <br />construction of all required improvements in accordance with <br />the ordinances and specifications of the City. The City <br />reserves the right to draw, in whole or in part, on any portion <br />of the Irrevocable Letter of Credit for the purpose of <br />guaranteeing the terms and conditions of this contract. The <br />Irrevocable Letter of Credit shall be automatically extended <br />for additional periods of one year from present or future <br />expiration dates unless thirty (30) days prior to such the City <br />Clerk or Administrator is notified in writing by certified mail <br />that the Letter of Credit will not be renewed. <br />Reduction of Escrow Guarantee. <br />(1) The Developer may request reduction of the Letter of Credit, <br />or cash deposit based on prepayment or the value of the <br />completed improvements at the time of the requested <br />reduction. Prior to the final acceptance of the Developer's <br />Improvements the City shall require a Performance Bond or <br />Cash Escrow to cover the warranty provisions of the <br />agreement. The amount shall be determined by the City <br />Engineer. <br />page 7 <br />