03-12-18-R - Laserfiche WebLink

Home Browse Search

196456v5 commence an Interpleader action pursuant to Rule 22, Minnesota Rules of Civil Procedure for the District Courts, to draw upon the letters of credit in an amount up to 125 percent of the claim(s) and deposit the funds in compliance with the Rule, and upon such deposit, the Developer shall release, discharge, and dismiss the City from any further proceedings as it pertains to the letters of credit deposited with the District Court, except that the Court shall retain jurisdiction to determine attorneys' fees pursuant to this Agreement. 14. PARK DEDICATION. The Developer will pay at the time of final plat approval, the amount of $13,000.00 in satisfaction of the City's park dedication requirements calculated as follows: $6,500.00/ residential unit x 2 new units = $13,000.00 15. LANDSCAPING. A. The Developer shall provide a Letter of Credit in the amount of 125 percent of the cost of materials and installation for the required replacement tree plantings as shown on the approved Plans prior to the issuance of development permits. The Letter of Credit shall be valid for two full years from the date of installation of the replacements trees. B. For any tree that is not in accordance with the approved Landscape Plan at the end of two growing seasons, the Developer shall replace the material to the satisfaction of the City before the Letter of Credit is released. Where it is not done, the City, at its sole discretion, may use the proceeds of the performance guarantee to accomplish performance. 16. TREE PRESERVATION. A. Before construction, grading, or land clearing begins, the Developer shall visibly mark trees or tree areas that are to be preserved and install city-approved tree protection fencing or other method at the critical root zone of trees to be protected. The location of the fencing shall be in conformance with the approved tree preservation plan.