2004-202 Council Resolution - Laserfiche WebLink

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• • 10. The estimated cost of Developer's Improvements and description are shown on Schedule B. 7. GUARANTEE. The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer for the installation and construction of all Developer's Improvements and hereby guarantees the workmanship and materials for a period of one year following the City's final approval of the Developer's Improvements. Concurrently with execution hereof by the Developer the Developer shall furnish to and maintain with the City security based on thirty five percent (35 %) of the total estimated cost of Developer's Improvements as shown on Schedule B. Such Security shall consist of a cash deposit, irrevocable letter of credit or joint assignment to the City of Developers site grading reserve with Developers lender. Any assignment provided herein shall be subject to review and approval by the City. Other than said joint assignment of the site grading reserve, said Security shall be for the exclusive use and benefit of the City of Lino Lakes and shall state therein that the same is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Development Contract and construction of all required improvements in accordance with the ordinances and specifications of the City. The City reserves the right to draw, in whole or in part, on any portion of the Security for the purpose of guaranteeing the terms and conditions of this contract. The Security shall be renewed or replaced by no later than thirty (30) days prior to its expiration with a like letter. The Developer may request a reduction in the Security, based on prepayment or the value of the completed improvements at the time of the requested reduction. The amount of reduction will be determined by the City Engineer but may include an amount necessary to cover the one year warranty provisions of this agreement. 8. PUBLIC IMPROVEMENTS. Generally. The City will construct all public streets, sewer water and stormwater utilities, sidewalks, street lighting, trails and retaining walls serving the Development Property, together with streetscaping and community green improvements generally shown in the Master Site Plan (collectively, the "Public Improvements "). The City will also undertake improvements to the Lake Drive intersection with Interstate 35 -W (the "Lake Drive Improvements "). All such improvements will be constructed and financed in accordance with the terms and conditions as specified in Article 4, Section 4.6 of the Redevelopment Contract. 9. LICENSE. The Developer hereby grants the City, its agents, employees, officers and contractors a license to enter the Development Property to perform all work and inspections deemed appropriate by the City in conjunction with development of the Development Property and the installation of the Developer or City Improvements. 10. OWNERSHIP OF IMPROVEMENTS. All Developer Improvements shall remain the property of the Developer or assigns. The Developer or its assigns shall be responsible for all installation, maintenance and replacement, if necessary, associated with said Developer Improvements. The City of Lino Lakes reserves the right to take corrective action in instances Legacy at Woods Edge Agreement 12/17/04