2014-134 Council Resolution - Laserfiche WebLink

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FIRST AMENDMENT TO DEVELOPMENT CONTRACT & PLANNED UNIT DEVELOPMENT AGREEMENT Saddle Club This Amendment is entered into on November , 2014, by and between the City of Lino Lakes and DuPont Holdings, LLC, parties to the "Development Contract & Planned Unit Development Agreement" approved by the City Council on August 25, 2014, and attached as Attachment A. RECITALS 1. The Developer requested that it be allowed to commence installation of the sanitary sewer main along Birch Street and Old Birch Street from Birch Court east approximately 1,300 feet, to the proposed Saddle Club development. The remainder of the sewer main work will not occur until 2016. 2. The Developer is responsible for the installation and fmancing of certain private improvements for the Subdivision, including the sewer main. 3. The City Subdivision Ordinance and Minnesota Statute section 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 fmal approval and recording of the fmal plat. AGREEMENT In consideration of the foregoing recitals and other good and valuable consideration, it is agreed between the parties as follows: 1. The Developer may commence installation of the sewer main from Birch Court east to the Saddle Club development prior to, and separate from, installation of the rest of the sewer main and other project improvements. 2. 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), as set forth in Attachment B. 3. All other terms of the Development Contract & Planned Unit Development Agreement remain unchanged.