2022-05-25 CC Packet - Laserfiche WebLink

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Given the limited nature of the amount of Security based on the Public Improvements, Developer shall tender additional Security (“Site Security’) to the City in the amount of $500,000. Site Security may be used for the same purposes as Security. Developer shall tender no less than $50,000 of the Site Security to the City in the form of a letter of credit. Develop may tendered the remainder of the Site Security in the form of a performance bond. Site Security may be reduced after the later of the completion of construction of the Project or issuance of a temporary or final certificate of occupancy for the Project, and then only after all remaining conditions have been completed to the satisfaction of the City Building Official. The terms and conditions set forth in the Section are separate and distinct from security obligations to warranty improvements set forth elsewhere in this agreement. 20. CLAIMS & ACTIONS. In the event that the City receives notice of an audit or review from a governmental agency related to this Land or Final Plat, or the City receives notice of litigation regarding this Land or Final Plat, such claims will be forwarded to the Owner who shall promptly indemnify and hold the City harmless and make it whole. The Owner hereby authorizes the City to commence an Interpleader action pursuant to Rule 22, Minnesota Rules of Civil Procedure for the District Courts, and deposit the funds in compliance with the Rule, and upon such deposit, the Owner shall release, discharge, and dismiss the City from any further proceedings as it pertains to the Security deposited with the District Court, except that the Court shall retain jurisdiction to determine attorneys’ fees pursuant to this Agreement. 21. FEES. The following fees are required by law to be included in this Agreement and shall apply as a condition of plat approval. They must be paid in full before a building permit shall issue for the Land. These fees may be assigned, in whole or part, by Owner to the Buyer, for payment by the Buyer. These fee calculations are contained in Exhibit D. DEVELOPMENT & SUBDIVISION AGREEMENT CENTERVILLE AND BANJO Draft Version 05/20/2022v3 – for Council Packet- Page 12