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2014-112 Council Resolution
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2014-112 Council Resolution
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7/16/2015 10:14:36 AM
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7/15/2015 9:36:41 AM
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City Council
Council Document Type
Resolutions
Meeting Date
09/22/2014
Council Meeting Type
Regular
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CITY OF LINO LAKES <br />`.. RESOLUTION NO. 14-112 <br />APPROVING SECOND 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 City Council adopted Resolution No. 14-111, on September 22, 2014, <br />approving the First Amendment to the Public Improvement Surety Agreement; and <br />WHEREAS, the First Amendment requires the payment of financial security of $730,589.00, in <br />cash, to be deposited with Escrow Agent and a Letter of Credit posted with the City in the <br />amount of $182,411.00; and <br />WHEREAS, First National Bank of Elk River ("Bank") has required that the Surety Agreement <br />be further amended to provide that the cash which is being deposited with Escrow Agent is a <br />loan from the Bank to the Borrower, and said cash shall be deposited in an account held at the <br />Bank in the name of the Escrow Agent under certain terms and conditions acceptable to the <br />Bank, and said Surety Agreement shall further include restrictions on draws or the release of <br />funds from said escrow account by all Parties including the Bank. <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes <br />hereby approves the Second Amendment to Public Improvement Surety Agreement attached <br />hereto subject to final review and approval of the City Attomey. <br />Adopted by the 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 Rafferty and upon <br />vote being taken thereon the following voted in favor thereof: <br />Kusterman, Rafferty, Stoesz, Roeser, Reinert <br />The following voted against same: <br />none <br />ATTEST: <br />
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