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CITY OF LINO LAKES RESOLUTION NO. 14-134 RESOLUTION APPROVING FIRST AMENDMENT TO THE DEVELOPMENT CONTRACT & PLANNED UNIT DEVELOPMENT AGREEMENT FOR SADDLE CLUB WHEREAS, the Developer has requested to commence with the installation of sanitary sewer main along Birch Street and Old Birch Street from Birch Court east approximately 1,300 feet, to the proposed Saddle Club development; and WHEREAS, the Developer is to be responsible for the installation and financing of certain private improvements for the Subdivision; and WHEREAS, a financial security of $162,000 is to be submitted in the form of a letter of credit acceptable to the City, that amount being 150% of the estimated cost of improvements ($108,000); and WHEREAS, the City Subdivision Ordinance and Minnesota Statute sections 462.358 authorize the City to enter into a performance contract secured by cash escrow or other security to guarantee completion and payment of such improvements following final approval and recording of the final plat. NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes hereby approves the First Amendment to Development Contract & Planned Unit Development Agreement between DuPont Holdings, LLC and the City of Lino Lakes for Saddle Club and authorizes the Mayor and City Clerk to execute such agreement on behalf of the City. Adopted by the Council of the City of Lino Lakes this 10th day of November, 2014. The motion for the adoption of the foregoing resolution was introduced by Council Member Rafferty and was duly seconded by Council Member Stoesz and upon vote being taken thereon, the following voted in favor thereof: Rafferty, SToesz, Roeser, Kusterman, Reinet The following voted against same: none ATTEST: ti i. e Bartell, Cit Cl