2014-085 Council Resolution - Laserfiche WebLink

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1/4„„, CITY OF LINO LAKES DEPOSIT AGREEMENT This AGREEMENT is made and entered into this 1 lth day of August, 2014, by Tony Emmerich Construction, Inc., (hereinafter, The Developer), for the benefit of the City of Lino Lakes, a Minnesota Municipal corporation, (hereinafter, The City). WHEREAS, the Developer has requested that the City prepare proposed project to be located in the NorthPointe Development: following document as part of a 1. To complete the design and bidding for the NorthPointeadway and Utility Improvement Project as set forth in the proposal from WSB & Associates, Inc., dated July 22, 2014, attached hereto as Exhibit A. (the "Requested Work"); and, WHEREAS, in conjunction with th consulting costs, and the City requires s preparation cel that such Requested Work tfit City will incur will be paid by the Developer.; and 00; and from the City's preparation of the WHEREAS, the cost of completing the Requeste WHEREAS, the De Requested Work; r ac :ledges th NOW, THEREFORE, the as follows for the benefit of the City: 1.'SeyF, tiosit. The Develop r shall depositthe following amounts, which represents 100% of the esti °' ' cost of the Requested W, into an escrow account with the City, which shall receive and hold such deposit (hereafter collecti41;1,4vely referred to as the "Deposit Funds") solely under the terms of this agreement. a. Requested Amount Design and Cost Estate $ 52,000.00 2. Use of Deposit Funds. The City may, at any time, draw upon the Deposit Funds to pay for administrative or consulting costs incurred in preparing the requested work. 3. Conditions of Deposit. The following conditions shall apply to the Deposit Funds: a. Payment shall be made to the city consultants in the amounts actually billed. A copy of the invoice shall be provided to the Developer. b. The City shall not be responsible for paying any interest on the Deposit Funds.