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CITY OF LINO LAKES <br />RESOLUTION NO. 14-134 <br />RESOLUTION APPROVING FIRST AMENDMENT TO THE DEVELOPMENT <br />CONTRACT & PLANNED UNIT DEVELOPMENT AGREEMENT <br />FOR SADDLE CLUB <br />WHEREAS, the Developer has requested to commence with the installation of sanitary sewer <br />main along Birch Street and Old Birch Street from Birch Court east approximately 1,300 feet, to <br />the proposed Saddle Club development; and <br />WHEREAS, the Developer is to be responsible for the installation and financing of certain private <br />improvements for the Subdivision; and <br />WHEREAS, a financial security of $162,000 is to be submitted in the form of a letter of credit <br />acceptable to the City, that amount being 150% of the estimated cost of improvements <br />($108,000); and <br />WHEREAS, the City Subdivision Ordinance and Minnesota Statute sections 462.358 authorize the <br />City to enter into a performance contract secured by cash escrow or other security to guarantee <br />completion and payment of such improvements following final approval and recording of the final <br />plat. <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes <br />hereby approves the First Amendment to Development Contract & Planned Unit Development <br />Agreement between DuPont Holdings, LLC and the City of Lino Lakes for Saddle Club and <br />authorizes the Mayor and City Clerk to execute such agreement on behalf of the City. <br />Adopted by the Council of the City of Lino Lakes this 10th day of November, 2014. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />and was duly seconded by Council Member and upon <br />vote being taken thereon, the following voted in favor thereof: <br />The following voted against same: <br />Jeff Reinert, Mayor <br />ATTEST: <br />Julianne Bartell, City Clerk <br />