09-14-2015 Council Packet - Laserfiche WebLink

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Century Farm 6th Addition and Morel! Borrow Pit Grading Agreement September 2015 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. The Irrevocable Letter of Credit may not be terminated without the City's written consent. c. Alternatively the Developer may enter into a Public Improvement Surety Agreement in the form attached hereto as Attachment C. d. Reduction of Security. The Developer may request 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. 11. Warranty. Restoration and erosion control, grass and sod shall be warranted to be alive, of good quality and disease free for twelve (12) months after planting. Prior to final acceptance of the Developer Improvements the City shall require a Performance Bond or Cash Escrow to cover the warranty provisions of this Agreement. The amount shall be determined by the City Engineer.116 12. Dedication. The Developer shall dedicate to the City, at no cost to the City, any permanent or temporary easements that may be necessary for the construction and installation of the Developer Improvements. All such easements required by the City shall be in writing, in recordable form, containing such terms and conditions as the City shall determine. 13. Recording and Release. The Developer agrees that the terms of this Development Agreement shall be a covenant on any and all property included in the Subdivision. The Developer agrees that the City shall have the right to record a copy of this Development Agreement with the Anoka County Recorder to give notice to future purchasers and owners. This shall be recorded against the Subdivision described on Page 1. City shall provide to Developer upon payment of all the special assessments levied against a parcel, a release of such parcel from the terms and conditions of this Development Agreement subject to provisions contained in this Agreement. 14. Escrow for City's Costs. a. The Developer agrees to establish a non-interest bearing escrow account with the City in an amount determined by the City Administrator or his designee for the payment of all costs incurred by the City related to the development of the Subdivision including, but not limited to, the following (See Attachment B for breakdown of costs): page 4