2006-006 Council Ordinances - Laserfiche WebLink

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issuance of building permits. The as-built survey must include,but is not limited to,proposed and final contours with adequate elevation shots to show conformance,property irons(to be exposed in field),low floor and low opening elevations,and the 100-Year High Water Level(HWL)of all ponds,lakes,and wetland areas. IV. COMPLETION DATE. The activities authorized by site and building plan approval shall be initiated within six (6)months. If such activity is not completed within eighteen(18) months,the City may exercise any remedies as set forth in Section VII., unless an extension is granted by the City. V. GUARANTEE. A. The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer for the installation and construction of all Developer's Off-site Work and hereby guarantees the workmanship and materials for a period of one year following the City's final acceptance of the Developer's Off-site Work. Concurrently with the execution hereof by the Developer,the Developer will furnish to, and at all times thereafter maintain with the City, a cash deposit, certified check, or Irrevocable Letter of Credit,based on one hundred twenty-five(125%)percent of the total estimated cost of Developer's On-site and Off-site Work. An Irrevocable Letter of Credit shall be for the exclusive use and benefit of the City of Lino Lakes and shall state thereon that the same is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Development Contract and construction of all required improvements in accordance with the ordinances and specifications of the City. The City reserves the right to draw,in whole or in part, on any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the terms and conditions of this contract. The Irrevocable Letter of Credit shall be automatically extended for additional periods of one year from present or future expiration dates unless thirty(30)days prior to such the City Clerk or Administrator is notified in writing by certified mail that the Letter of Credit will not be renewed. B. Upon written request,The City will grant a reduction of the Letter of Credit,or cash deposit based on prepayment or the value of the completed improvements at the time of the requested reduction.The Developer may make such requests three times throughout the life of this agreement, with the third and/or final request being at the completion of the project. The City will respond to such request within 30 days time. Prior to the final acceptance of the Developer's Improvements the City shall require a SMWFCU Performance Agreementdoc page 4 of 9