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CITY OF LINO LAKES <br />RESOLUTION NO. 15-110 <br />APPROVING FIRST AMENDMENT TO <br />PUBLIC IMPROVEMENT SURETY AGREEMENT <br />NORTHPOINTE 3" ADDITION <br />WHEREAS, the City Council adopted Resolution No. 15-87, on August 24, 2015, approving <br />the Development Contract and Planned Unit Development Agreement ("PUD Agreement) for <br />NorthPointe 3rd Addition; and <br />WHEREAS, the PUD Agreement requires financial security of $1,075,075 to be <br />escrowed with the Escrow Agent, that amount being 125% of the estimated cost of <br />improvements ($860,060); and <br />WHEREAS, the Developer is to provide the remaining financial security for City <br />Improvements at 35% of the cost ($97,110) to the City in the form of a letter of credit; <br />and <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes <br />hereby approves the First Amendment to Public Improvement Surety Agreement attached <br />hereto. <br />Adopted by the Council of the City of Lino Lakes this 28th day of September, 2015. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />and was duly seconded by Council Member and upon <br />vote being taken thereon, the following voted in favor thereof: <br />The following voted against same: <br />Jeff Reinert, Mayor <br />ATTEST: <br />Julianne Bartell, City Clerk <br />