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CITY OF LINO LAKES <br />DEPOSIT AGREEMENT <br />This AGREEMENT is made and entered into this 28th day ofJuly, 2014, by Century Farm North <br />Development, Inc. & Jeffrey E. More11, (hereinafter, The Developer), for the benefit of the City of <br />Lino Lakes, a Minnesota Municipal corporation, (hereinafter, The City). <br />WHEREAS, the Developer has requested that the City prepare the following document as part of a <br />proposed project to be located in the Century Farm North Development 6th Addition: <br />1. To complete the design and bidding for the Robinson Drive Improvement Project as set forth <br />in the proposal from WSB & Associates, Inc., dated July 23, 2014, attached hereto as Exhibit <br />A. <br />(the "Requested Work"); and, <br />WHEREAS, in conjunction with the City's preparation of the Requested Work the City will incur <br />consulting costs, and the City requires a guaranty that such costs will be paid by the Developer.; and <br />WHEREAS, the cost of completing the Requested Work is $35,000.00; and <br />WHEREAS, the Developer acknowledges the receipt of a benefit from the City's preparation of the <br />L.,, Requested Work; <br />NOW, THEREFORE, the Developer agrees as follows for the benefit of the City: <br />1. Deposit. The Developer shall deposit the following amounts, which represents 100% of <br />the estimated cost of the Requested Work, into an escrow account with the City, which shall receive <br />and hold such deposit (hereafter collectively referred to as the "Deposit Funds") solely under the <br />terms of this agreement. <br />Requested Work Amount <br />a. Design and Cost Estimate $ 3.000.00 <br />2. Use of Deposit Funds. The City may, at any time, draw upon the Deposit Funds to pay for <br />administrative or consulting costs incurred in preparing the requested work. <br />3. Conditions of Deposit. The following conditions shall apply to the Deposit Funds: <br />a. Payment shall be made to the city consultants in the amounts actually billed. A copy <br />of the invoice shall be provided to the Developer. <br />b. The City shall not be responsible for paying any interest on the Deposit Funds. <br />