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CITY OF LINO LAKES <br />RESOLUTION NO. 14-111 <br />APPROVING FIRST AMENDMENT TO <br />PUBLIC IMPROVEMENT SURETY AGREEMENT <br />NORTHPOINTE <br />WHEREAS, the City Council adopted Resolution No. 14-48, on June 23, 2014, approving the <br />Development Contract and Planned Unit Development Agreement ("PUD Agreement) for <br />NorthPointe; and <br />WHEREAS, the PUD Agreement requires financial security of $913,300 to be escrowed <br />with the Escrow Agent, that amount being 125% of the estimated cost of improvements <br />($730,589); and <br />WHEREAS, the Developer desires to escrow the estimated cost of improvements <br />($730,589) with the Escrow Agent and provide the remaining financial security <br />($182,411) to the City in the form of a letter of credit; and <br />WHEREAS, the City is amenable to receiving the remaining financial security in the <br />form of a letter of credit that is acceptable to the City. <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes <br />hereby approves the First Amendment to Public Improvement Surety Agreement attached <br />hereto. <br />Adopted bthe Council of the City of Lino Lakes this 22nd day of September, 2014. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />Kusterman and was duly seconded by Council Member Roeser and upon <br />vote being taken thereon, the following voted in favor thereof: <br />Kusterman, Roeser, Rafferty, Stoesz, Reinert <br />The following voted against same: <br />none <br />ATTEST: <br />e Bartell, City lerk <br />Jeff Reinert, Ma, or <br />