08-24-2015 Council Packet - Laserfiche WebLink

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ATTACHMENT C PUBLIC IMPROVEMENT SURETY AGREEMENT NorthPointe 3rd Addition THIS AGREEMENT is entered into on , 2015, by (hereinafter "Escrow Agent"), City of Lino Lakes (hereinafter "City"), and Tony Emmerich Construction, Inc. (hereinafter "Developer"). RECITALS WHEREAS, City and Developer have entered into a Development Contract and Planned Unit Development Agreement dated pursuant to which Developer has agreed to deposit certain funds as identified in Paragraph 2 below in escrow in lieu of a letter of credit; and WHEREAS, Developer agrees to privately construct improvements serving the property legally described on attached Attachment A; and WHEREAS, City and Developer desire that Escrow Agent disburse the advances and Escrow Agent is willing to do so on the terms and conditions hereinafter set forth yet not providing any title or mechanic lien clearance services; and, WHEREAS, capitalized terms used, and not otherwise defined herein, shall have the meanings set forth in the Development Contract & Planned Unit Development Agreement; and NOW THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, it is agreed between the parties as follows: 1. Developer will deposit escrowed funds in the amount of $1,075,075.00 with Escrow Agent. 2. The Escrow Agent is authorized and directed to disburse the funds deposited hereunder to Developer to pay the costs of construction of the identified improvements (See Attachment B) to be constructed on the described real property as such property is identified in the Development Contract & Planned Unit Development Agreement. The number of permissible draws and the fees to be charged therefore is as is set forth herein. 3. Prior to each disbursement of funds by the Escrow Agent to the Developer, the City and Escrow Agent must be furnished with the following items: