10-10-2005 Council Packet - Laserfiche WebLink

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9. that the City is able to draw upon such letter of credit in its sole discretion to complete the Improvements if the Developer fails to satisfiictorily complete the work prior to the completion date specified in Section seven (7) above. Further, if the required improvements are not completed at least thirty (30) days prior to the expiration of the LOC, the City may also draw on the LOC. If the security is drawn down, the draw shall be used to cure the default. The amount of the LOC shall be 150% of the estimated improvement costs. The estimated improvement cost is $548,565.75; therefore, the LOC amount shall be $822,848.63. As substantial elements of the Improvements are completed and approved by the City Engineer, the City will authorize reduction of the LOC in an amount equal to 150% of the cost estimate for that phase of the improvements deemed complete, but in no case shall the LOC be reduced to a point less than 10% of the original amount until all Improvements are complete and accepted by the City. The LOC shall expire no sooner than one year after the completion date specified in Section seven (7) above, to allow for at least one freeze-thaw cycle for parking lot settlement. Security to ensure survival of landscaping vegetation shall be retained for eighteen (18) months after planting. and Expenses. The Developer agrees to pay all City fees required per the current City Fee Schedule and ftuther agrees to completely reimburse the City for all the variable additional expenses it incurs in regard to the review and approval of the Improvements including, but not limited to, direct City payroll and overhead, costs, and fees paid to consultants and other professionals, which are not covered by City application fees. These fees and expenses are estimated at $2,000.00 - $3,500.00. Notice. Required notices to the Developer and the Owner shall be in writing, and shall be either hand delivered to the Developer, the Owner, their employees or agents, or mailed to the Developer and the Owner by registered mail at the ^oPowing addresses: Notice to Developer Sugarwoods Office Center, LLC. Philip Carlson P.O.Box 184 Wayzata, MN 55391 Notice to C Sugarwoods Oifice Center, LLC Philip Carlson P.O. Box 184 Wayzata, MN 55391 Noti<^ to the City shall be in writing and shall be either hand delivered to the City Adnunistrator, or .nailed to the City by registered mail in care of the City Administretor at the following address: Orono City Offices, 2750 Kelley Parkway, P.O. Box 66, Crystal Bay, Minnesota 55323, Telephone 952-249-4600. 1 1 . Additional Conditions A. Turning radiuses of fire apparatus access roads on the Property shall be desi] subject to approval of the City Engineer and Orono Fire Marshal. Developer Initial Pafcioff City Clerk Initial,