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HomeMy WebLinkAbout5L - Wilds Ridge North MEETING DATE: AGENDA #: PREPARED BY: AGENDA ITEM: DISCUSSION: CITY COUNCIL AGENDA REPORT JUNE 5, 2006 5L JANE KANSIER, PLANNING DIRECTOR CONSIDER APPROVAL OF A RESOLUTION AUTHORIZING EXECUTION OF AN AMENDMENT TO THE STANDARD DEVELOPMENT CONTRACT FOR THE WILDS RIDGE NORTH Introduction The City staff, the City Attorney and the Developer have been working together to resolve the outstanding issues in the Development Contract for The Wilds Ridge North. After much discussion, we have prepared the attached amendment to the Development Contract. This agenda report recommends approval of this amendment. Historv On November 7, 2005, the City Council adopted Resolution #05-181, approving the final plat and development contract for The Wilds Ridge North. The final plat consisted of 30 lots for single family dwellings, along with 2 outlots for future development. In November, the Developer advised staff and the City Attorney that he would be contesting three of the charges listed in the Development Contract. These are: 1) Street Oversize Acreage Charge; 2) Sanitary Sewer and Water Connection Charge; and 3) Tree Replacement. The City deposited these amounts into an escrow account. The funds will be released when the City of Prior Lake and the Developer reach a mutual agreement. This approach is authorized by Minnesota Statutes. Current Circumstances The Amendment to the Development Contract for The Wilds Ridge North addresses the issues as follows: 1) Street Oversize Acreage Charge: The original contract included a street oversize acreage charge of $79,360.00. This charge is used to fund improvements to off-site major collector and arterial streets. The fund is also used to reimburse developers for the additional cost to developer collector streets. The staff has agreed to reimburse the developer $12,156.00 for the oversizing of McKenna Road in this development. The developer agreed to this reimbursement, and is satisfied that the Street Oversize Acreage Charge is applied consistently. Therefore, $12,156.00 of the $79,360.00 originally collected will be reimbursed. The remainder will be deposited in the collector street fund. 2) Sanitary Sewer and Water Connection Charge: The original contract included an $18,000.00 charge for connection to the City's sewer and water system. This charge is generally applied to new development which www.cityofpriorlake.com F! h1;\J?nonei9S~j4lFO:!~~5:'1.<f'axF98~;1.l4{}).'96 78 are not a part of a larger development constructed by the same developer. In this case, the staff agreed the fee should not be applied, since The Wilds Ridge North is a logical extension of The Wilds, and is being developed by the same developer. The staff is in the process of updating the City's policy to clarify when this fee will be applied. The $18,000.00 will be reimbursed to the developer. 3) Tree Replacement: The original contract included a $32,000.00 fee for tree replacement. The Tree Preservation Task Force is in the process of reviewing and updating the Tree Preservation Ordinance. The Developer is a member of this committee. This fee will remain in escrow until the Tree Preservation Task Force has completed its review. ISSUES: The Amendment to the Development Contract for The Wilds Ridge North addresses two of the three issues identified at the final plat. The third issue is still in process. The Tree Replacement fee will be addressed when the Tree Preservation Task Force has completed its work. The City Attorney concurs with these modifications. FINANCIAL IMPACT: Approval of this Amendment to the Development Contract for The Wilds Ridge North will allow the City to release the monies held in escrow. Some of the fees will be deposited in the appropriate City accounts. The Developer will receive a refund of $18,000 and a reimbursement of $12,156.00. ALTERNATIVES: The City Council has the following alternatives: 1. Adopt the resolution approving Addendum Number 1 to the Development Contract for The Wilds Ridge North. 2. Deny the resolution. 3. Defer this item and provide staff with specific direction. Staff recommends adoption of Alternative #1 as part of the Consent Agenda. RECOMMENDED MOTION: A motion and second to adopt a resolution approving Addendum Number 1 to the Development Contract for The Wilds Ridge North and authorizing the Mayor and City Manager to sign the Development Contract. A RESOLUTION APPROVING ADDENDUM NUMBER 1 TO THE DEVELOPMENT CONTRACT FOR THE WILDS RIDGE NORTH Motion By: Second By: WHEREAS, On July 18, 2005, the City Council approved the preliminary plat known as The Wilds Ridge North, subject to conditions identified by Resolution 05-129; and WHEREAS, On November 7,2005, the City Council approved Resolution 05-181, approving the final plat to be known as The Wilds Ridge North and authorizing the Mayor and City Manager to execute the Development Contract; and WHEREAS, Prior to the City Council approval, the Developer had stated his intention to contest the following charges listed in the Development Contract: 1) Street Oversize Acreage Charge; 2) Sanitary Sewer and Water Connection Charge; and 3) Tree Replacement; and WHEREAS, The City staff and the Developer have negotiated Addendum Number 1 to the Development Contract for The Wilds Ridge North addressing these issues; and WHEREAS, The City Council has approved Addendum Number 1 to the Development Contract for The Wilds Ridge North. NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as follows: 1. The recitals set forth above are incorporated herein. 2. The Mayor and City Manager are hereby authorized to execute Addendum Number 1 to the Development Contract for The Wilds Ridge North on behalf of the City. PASSED AND ADOPTED THIS 5TH DAY OF JUNE, 2006. Hauaen Hauaen Dornbush Dornbush Erickson Erickson LeMair LeMair Millar Millar YES NO Frank Boyles, City Manager {\:'\ ~::-. , ;;.w '." ':, i '~ , ,"\:; 'l n1\/) ~<! \ut,; >'hlf'I' 01 '\rVjkj~ p~"Yiity9fl?n9r!9k~h<;:gr:n,r"i ",\,i'C', _""._""."_ ,.""en,. '> }-, ""v', .'."'_" :'. ':"'-':<"'_":'-_'___:">'~._,::'.n'::':"..:'n ~.,,,:;,~:~:,,;,:.;../,} / Phone 952.440.9675 / f'ax 952.440.9678 DEVELOPMENT CONTRACT WILDS RIDGE NORTH PROJECT #EP05-189 This DEVELOPMENT CONTRACT is entered into this 7th day of November, 2005, by and between the CITY OF PRIOR LAKE, a Minnesota municipal corporation ("City"), and Shamrock Development, Inc., a Minnesota Corporation (the "Developer"). Based on the mutual promises and covenants set forth herein, the sufficiency of which is not disputed, the City and the Developer (collectively "Parties") agree as follows: 1. REOUEST FOR PLAT APPROVAL. The Developer has asked the City to approve a Plat for The Wilds Ridge North (referred to in this Development Contract as the "Plat"). The land is legally described as shown on attached Exhibit A which is incorporated herein as if fully set forth. 2. COND1T10N..~ OF PLAT APPROVAL. The City hereby approves the Plat on condition that the Developer enter into this Development Contract, furnish the Security required by it, and record the Plat and Development Contract with the County Recorder or Registrar of Titles within 90 days after the City Council approves the final Plat. L:\05 FILES\05 SUBDIVISION\05 FINAL PLA1\Wilds Ridge North\FINAL DEVELOPMENT CONTRACT. DOC Page I 3. RIGHT TO PROCEED. Within the Plat or land to be plattedt the Developer may not construct sewer linest water linest streetst utilitiest public or private improvementst or any buildings until all the following conditions have been satisfied: 1) this Development Contract has been fully executed by both partiest 2) the necessary securityt development fees and insurance have been received by the Cityt and 3) the City Engineer or Designee has issued a letter that all conditions have been satisfied and that the Developer may proceed. The foregoing restriction on the Developerts "Right To Proceedtt does not apply to grading or other approvals set forth in Resolution No. 05-129t dated July 1St 2005t approving the Preliminary Plat for The Wilds Ridge North. 4. PHASED DEVELOPMENT. If the Plat is a phase of a multiphased preliminary Plat, the City may refuse to approve Final Plats of subsequent phases if the Developer has breached this Development Contract or any terms or conditions set out in the Resolution approving the Final Plat and the breach has not been remedied. Development of subsequent phases may not proceed until the City approves Development Contracts for such phases. Fees and charges collected by the City in connection with infrastructuret public improvements and parkland dedication requirements are not being imposed on outlotst if anYt in the Plat that are designated in an approved Preliminary Plat for future subdivision into lots and blocks. Such charges will be calculated and imposed when the outlots are subdivided into lots and blocks. 5. PRELIMINA R Y PIA T ST A roS. If the Plat is a phase of a multiphased preliminary Plat, the Developer shall submit a Staging Plan for City Council approval which may allow the Developer more than one (1) year to subdivide the property into lots and blocks. 6. DEVELOPMENT PLANS. The Plat shall be developed in accordance with the Plans identified below. The Plans shall be approved by the City Engineer prior to consideration of the Final Plat and Developerts Contract by the City Council. The plans shall not be attached to this Development Contract, but are incorporated by reference and made a part of this Development Contract as iffully set forth 1:\05 files\05 subdivision\05 fmal plat\wilds ridge north\final development contract.doc Page 2 - herein. If the plans vary from the written terms of this Development Contract, the more specific or stringent controls shall apply. The Plans are: Plan A -- Plan B -- Plan C -- Plan D -- Plan E -- Plan F -- Final Plat Dated as approved by the City Council on September 19, 2005 (prepared by Pioneer Engineering) Final Grading, Development, and Erosion Control Plan(s) dated as stamped approved by City of Prior Lake Engineering Department (prepared by Pioneer Engineering) Tree Preservation and Replacement Plans Dated August 3, 2005 (prepared by Pioneer Engineering) Landscaping Plan Dated August 3, 2005 (Prepared by Pioneer Engineering) One set of Plans and Specifications for Developer Installed Improvements Dated as stamped approved by the City of Prior Lake Engineering Department (Prepared by Pioneer Engineering) Street Lighting Plan Dated as stamped approved by City of Prior Lake Engineering Department (prepared by Pioneer Engineering) All plans set forth above are incorporated herein and made part of this Development Contract. 7. DEVELOPER INSTALLED lMPROVEMENTS. The Developer shall install and pay for the following: A. Sanitary Sewer System B. Water System C. Storm Sewer D. Streets E. Concrete Curb and Gutter F. Street Lights G. Site Grading and Ponding H. Underground Utilities I. Traffic Control Signs J. Street Signs K. Setting ofIron Monuments 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 3 L. Sidewalks and Trails M. Landscaping N. Wetland Buffer Signage The Developer Installed Improvements shall be installed in accordance with the City's Subdivision Ordinance, City standard specifications for utilities and street construction, the City's Public Works Design Manual, and any other applicable City ordinances, all of which are incorporated herein by reference. The Developer shall submit plans and specifications, which have been prepared by a Minnesota registered professional civil engineer to the City for approval by the City Engineer. The Developer shall obtain all necessary permits and approvals from any other agencies having jurisdiction before proceeding with that aspect of the construction as it relates to that permit. The Developer, its contractors and subcontractors, shall follow all instructions received from the City's authorized personnel. The Developer or the Developer's engineer shall schedule a preconstruction meeting with all parties concerned, including the City staff, to review the program for the construction work. Before the Security for the completion of utilities is released, iron monuments must be installed in accordance with Minn. Stat. ~505.02. The Developer's surveyor shall submit a written notice to the City certifying that the monuments have been installed. 8. CONSTRUCTION OBSERVATION The City's authorized personnel shall provide construction observation during the installation of the Developer Installed Improvements in accordance with the Public Works Design Manual. These services by the City shall include: A. Construction observation during installation of required Developer Installed Improvements, which include grading, sanitary sewer, watermain, storm sewer/ponding and street system. B. Documentation of construction work and all testing of Developer Installed Improvements. 1:\05 files\05 subdivision\05 final plat\wiJds ridge north\final development contract.doc Page 4 - C. Field document as-built location dimensions for sanitary sewer, watermain and storm sewer facilities. The Developer's Engineer is responsible for data collection and preparation of as-built record plans. 9. DEVELOPER PROVIDED CONSTRUCTION SERVICES. The Developer shall be responsible for providing all other construction services including, but not limited to: A. Construction surveying B. As-built drawings of grading plans. C. As-built record drawings showing location, dimensions and elevations of all utility improvements, including but not limited to top nut of hydrants, manhole rims, manhole inverts. (Field tie dimensions to sewer and water services shall be provided to the Developer's Engineer, by City staff or City consultants.) As-built record drawings shall follow the requirements set forth in the Public Works Design Manual (pWDM). The as-built record drawings shall be submitted to the City for approval within six (6) months of substantial base pavement course placement. D. Project Testing: The Developer is responsible, at the Developer's sole cost, to provide testing to certify that Developer Installed Improvements were completed in compliance with the approved fmal plans and specifications. The personnel performing the testing shall be certified by the Minnesota Department of Transportation. The City Engineer has the sole discretion to determine if additional testing is necessary. The cost of additional testing is to be paid by the Developer. E. Lot comers and monuments. 10. SUBDIVISION MONUMENTS The Developer shall install all subdivision monumentation within one (l) year from the date of recording the plat, or the monumentation shall be installed on a per lot basis at the time the building permit for the subject lot is issued, whichever occurs first. At the end of the one (1) year period from recording of the Plat, the Developer shall submit to the City 1:\05 files\05 subdivision\05 final plat\wilds ridge north\finaI development contract.doc Page 5 Engineer written verification by a registered land surveyor that the required monuments have been installed throughout the plat. 11. TIME OF PERFORMANCE. The Developer shall install all required public improvements by December 31,2006, with the exception of the fmal wear course of asphalt on streets. The final wear course on streets shall be installed the first summer after the base layer of asphalt has been in place for one freeze thaw cycle. If necessary, the Developer and the City shall consult about an extension of time. Ifan extension is granted, it shall be in writing and conditioned upon updating the Security posted by the Developer to reflect cost increases and the extended completion date. 12. L1CENSE. The Developer hereby grants the City, its agents, employees, officers and contractors a non-revocable license to enter the Plat to perform all work and inspections deemed appropriate by the City in conjunction with the development of the Plat. 13. EROSION CONTROL. A. Prior to initiating site grading, the erosion control plan, Plan B, and Stormwater Pollution Prevention Plan (SWPPP) shall be implemented by the Developer and inspected and approved by the City. The City may require the Developer, at no cost to the City, to install additional erosion control measures if they are necessary to meet erosion control objectives. All areas disturbed by the excavation and backfilling operations shall be reseeded immediately after the completion of the work in that area. All seeded areas shall be mulched, and disc anchored as necessary for seed retention. The parties recognize that time is of the essence in controlling erosion. If the Developer does not comply with the erosion control plan and schedule or supplementary conditions imposed by the City, the City may take such action as it deems appropriate to control erosion. The City will endeavor to notify the Developer in advance of any proposed action, but failure of the City to do so will not affect the Developer's and City's rights or obligations hereunder. The Developer shall be solely responsible for any costs incurred by the City for erosion control measures. The Developer shall fully reimburse the City for any cost incurred within ten (10) days of the date of the City's invoice. If the 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 6 . >. '.., ,'., " Developer does not reimburse the City for any cost the City incurred for such work within ten (10) days, the City may, without further notice to the Developer, draw down the Irrevocable Letter of Credit to pay any costs. No development, utility or street construction will be allowed unless the Plat is in full compliance with the erosion control requirements. Due to the time sensitive nature of providing for erosion control, the notice provisions set out in Paragraph 39 shall not apply to notifications to the Developer under this paragraph. (1) The Developer shall seed or lay cultured sod in all boulevard areas behind curb within thirty (30) days, or within a timeline established by the City Engineer, of the completion of street related improvements (sod does not need to be installed in areas of buildable lots where silt fence is required behind curbs). (2) Restore all other areas disturbed by the development grading and construction operations within this time period. (3) Boulevard and disturbed area restoration shall be in accordance with the approved Plan B and SWPPP. (No building permits will be issued until the Developer has installed silt-fence behind the curb of all buildable lots). It is expressly understood that once silt fence has been installed it shall be become the builders' responsibility to maintain the silt fence, unless the silt fence is damaged by the Developer's utility contractors. 14. CLEAN UP. The Developer shall clean dirt and debris from streets that has resulted from any and all construction work by the Developer, homebuilders, contractors and subcontractors, their agents or assigns. Prior to any construction in the Plat, the Developer shall identify, in writing, a responsible party and schedule for erosion control, street cleaning, and street sweeping. If the Developer fails to perform the required clean up within 24 hours of receiving instructions and notice from the City, the City, without further notice, will perform the work and charge the associated cost to the Developer. If the Developer does not reimburse the City for any cost the City incurred for such work within ten (10) days of receipt of the invoice, the City may draw down, without further notice, the Irrevocable Letter of Credit to pay any costs incurred by the City. If the Developer wishes to contest the cost of the work performed by the City, the 1:\05 fiJes\05 subdivision\05 frnal plat\wilds ridge north\final development contract.doc Page 7 Developer may request the City place the funds in escrow, but such funds must be received by the City within ten (10) days of receipt of the invoice. Due to the time sensitive nature of clean up, the notice provisions set out in Paragraph 39 shall not apply to notifications to the Developer under this paragraph. 15. GRADING PLAN. A. The Plat shall be graded in accordance with the approved grading, development and erosion control plan(s), (plan B). The plans and work shall conform to the requirements set forth in the City of Prior Lake Public Works Design Manual. B. As-builts. Before the City releases the Grading Security, the Developer shall provide the City with an as built grading plan and a certification by a registered land surveyor or engineer that all ponds, swales, and ditches have been constructed on public easements or land owned by the City. The as built plan shall include field verified elevations of the following: a) cross sections of ponds, b) location and elevations along all swales and ditches, and c) lot comers and house pads. The City may withhold issuance of building permits until the approved certified grading plan is on file with the City and all erosion control measures are in place as determined by the City Engineer. The Developer shall also submit a lot tabulation certified by a registered engineer showing that all pads have been corrected in accordance with project specifications. 16. OWNERSHIP OF DEVELOPER INSTALLED IMPROVEMENTS. Upon completion of the Developer Installed Improvements required by this Development Contract, including all punch list items and required as-builts; (1) final written acceptance by the City Engineer and, (2) adoption of a resolution of acceptance by the City Council, the improvements lying within public right-of-way and easements shall become City property. The Developer shall be responsible for all pond maintenance until written acceptance by the City of the Developer installed improvements. The City will respond to a written request by the Developer for acceptance of the Public Improvements within thirty (30) days of receipt of this letter, either by providing written acceptance or a punch list of remaining improvements. 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 8 '-"':i'.."..,~~,..:.:-....;-j-';'- -1 . '- ,,-,.,'..."jIo. .... " 17. STREET MAINTENANCE. Developer shall be responsible for all street maintenance until final written acceptance by the City of the Developer Installed Improvements. All private street maintenance shall remain the Developer's and homeowners association in perpetuity. Warning signs and detour signs, if determined to be necessary by the City Engineer, shall be placed when hazards develop in streets to prevent the public from traveling on same and directing attention to detours. If and when streets become impassable, such streets shall be barricaded and closed. For the purpose of this subparagraph, "street maintenance" does not include snow plowing or normal sweeping. 18. CONSTRUCTION ACCESS. Construction traffic access and egress for grading, public utility construction, and street construction is restricted to CR 42. No construction traffic is permitted on the adjacent local streets. 19. IMPROVEMENTS REOUIRED BEFORE ISSUANCE OF BUILDING PERMITS. A. Grading, utilities, curbing, and one lift of bituminous shall be installed on all streets providing access and adjacent to a lot prior to issuance of any building permits for that lot. Grading as-builts for the proposed building permit shall be approved prior to issuance of a building permit. Before a building permit will be issued a minimum of one (1) active fire hydrant within 300 feet of the unit must be available for fire protection. If building permits are issued prior to the acceptance of the Developer Installed Improvements, the Developer assumes all liability and costs incurred as a result of the delays in completion of the Developer Installed Improvements; including damages to Developer Installed Improvements caused by the Developer, its contractors, subcontractors, material men, employees, agents or third parties. B. A temporary or permanent Certificate of Occupancy shall not be issued for any building in the plat until water and sanitary sewer improvements have been installed and the streets have been completed and the first lift of bituminous has been placed and said improvements have been inspected and determined by the City to be available for use. 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 9 20. CITY ADMlNlSTRA TION. The Developer shall pay a fee for City administration. City administration will include all activities necessary to implement this Developer's Contract. These activities include, but are not limited to, preparation of the Development Contract, consultation with Developer and its Engineer on the status of or problems regarding the development of the Plat, project monitoring during the warranty period, processing of requests for reduction in security, and any consulting or legal fees incurred by the City. Fees for this service shall be four percent (4%) of the estimated construction cost as detailed in Exhibit E, less oversizing costs outlined in Exhibit D, assuming normal construction and project scheduling. Extraordinary costs incurred by the City over and above the four percent (4%) Administration fee shall be billed to the Developer. Extraordinary costs are defmed as costs resulting from change orders applied to the project and costs incurred as a result of unknown conditions at the time of design, project delays, or costs incurred in enforcing the terms of this Development Contract. 21. CITY CON..~TRUCTION OBSERVA TION. Construction observation shall include, but is not limited to, part or full-time inspection of proposed grading, public utilities and street construction and City consultant expenses. The Developer shall deposit an amount equal to five percent (5%) of the estimated construction cost, less oversizing costs outlined in Exhibit D, for construction observation performed by the City's authorized personnel. This amount shall be maintained by the City in escrow until fmal acceptance of all Developer Installed Improvements by the City. Any balance remaining in the escrow account will be returned to the Developer at that time. Extraordinary costs incurred by the City over and above the five percent (5%) Construction Observation fee shall be billed to the Developer. Extraordinary costs are defined as costs resulting from change orders applied to the project, project delays or costs incurred as a result of unknown conditions at the time of design. 22. TRUNK STORMWATER ACREAGE CHARGE. The Developer shall pay a trunk stormwater acreage charge of $45,003.00 for trunk stormwater improvements prior to the City signing the final Plat. The amount was calculated as follows:16.13 acres at $2,790.00 per acre. This charge was 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 10 ~4 :"'1WJlIW.'lRlJ'''!.': ~ti' 1Itlf." :0 ... i(otW,"" :!f;,~.~ "::J,:,'. . ",l, ~ r ,~',! ~;,?r:Tll ~.- ,~ determined by the Trunk Storm Water Fee Study adopted by City Council Resolution # 05-18 on January 18,2005. 23. TRUNK WATER ACREAGE CHARGE. A trunk water acreage charge of$88,715.00 shall be paid by the Developer for trunk watermain improvements prior to the City signing the fmal Plat. The amount was calculated as follows:16.13 acres at $5,500.00 per acre. This charge was determined by the Trunk Water System Fee Study adopted by the City Council Resolution #05-07 on January 3, 2005. 24. TRllNK SANITARY SEWER ACREAGE CHARGE. A trunk sanitary sewer trunk area charge of $49,035.00 shall be paid by the Developer for sanitary sewer trunk improvements prior to the City signing the fmal Plat. The amount was calculated as follows: 16.13 acres at $3,040.00 per acre. This charge was determined by the Trunk Sanitary Sewer Fee Study adopted by City Council Resolution on #05-18 on January 18,2005. 25. STREET OVERSIZE ACREAGE CHARGE. The Developer shall pay a street oversize acreage charge of $79,360.00 for street oversizing improvements prior to the City signing the fmal Plat. The amount was calculated as follows: 16.13 acres at $4,920.00 per acres. This charge was determined by the Transportation Plan Fee Study adopted by City Council Resolution #05-18 on January 18, 2005. The Developer is contesting this charge. The City will deposit this amount into an escrow account until the City of Prior Lake and the Developer reach a mutual agreement. 26. SANITARY SEWER AND WATER CONNECTION CHARGE. The Developer shall pay a sanitary sewer and water connection charge of $18,000.00 for connection to the sanitary sewer and water systems prior to the City signing the final plat. The amount was calculated as follows: 150' at $120.00 per front foot. The Developer is contesting this charge. The City will deposit this amount into an escrow account until the City of Prior Lake and the Developer reach a mutual agreement. 27. PARK AND TRAIL DEDICATION. The Developer shall dedicate to the public an amount of cash or land or a combination of both as established by the City. The required amount of dedication of 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page ]] land or cash payment shall be determined by the provisions of Section 1004.1000 if the City Subdivision Ordinance, or by the fee scheduled adopted by resolution of the City Council. The fee shall be paid prior to the City signing the fmal Plat. The Developer shall provide the City with a warranty deed for any land described as an outlot or a lot rather than park on the final plat. This Development Contract requires the Developer to pay a Park and Trail Dedication Fee of $112,500.00 prior to the City signing the final Plat. The amount was calculated as follows: 30 units at $3,750.00 per unit. This calculation was determined by the Park Fee Study adopted by City Council Resolution #05-18 on January 18,2005. 28. STREET LIGHTS AND OPERATIONAL COSTS. The Developer is responsible for the installation of the street lighting. The Developer shall pay the full capital cost of every light to be installed; this includes poles, fixtures, underground wiring, and all appurtenant work. The Developer shall pay operation and maintenance for the streetlights until the City accepts the Developer Installed Improvements, at which time the billing shall be transferred tothe City. The street light plan must be acceptable to the City Engineer and in accordance with the Public Works Design Manual. 29. LANDSCAPING. In accordance with the City Subdivision Ordinance, each residential lot in the Plat must have at least two (2) front yard trees. The Developer or lot purchaser shall plant the two (2) front yard trees on every lot in the Plat that does not already meet this requirement at the time of the building permit. The Developer or lot purchaser shall sod the front yard, boulevard, and side yards to the rear of every structure on every lot prior to the issuance of the final certificate of occupancy. If this section is to be satisfied by existing trees, a tree protection security ("escrowed funds") may also be required. If the required landscaping is not installed, the City is granted a license to enter upon a lot and install the landscaping using the escrowed funds deposited by the builder at the time the building permit was issued. Upon satisfactory completion of the landscaping, the escrowed funds less any draw made by the City, shall be returned to the person who deposited the funds with the City. 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 12 !Jl. .l!l4i~IIt...', ....~,,~" ... W' .'" .~. . i.r. ~; "~.+ ~!~:# JlIi 30. TREE PRESERVATION AND REPLACEMENT. Subject to approved Plan C, and to the provisions of Section 1107.2100 of the City Zoning Ordinance, the Developer shall provide a financial guarantee of $15,406.00 based on an amount equal to 125% of the estimated cost to furnish and plant the replacement trees. The Developer shall also provide a cash dedication of $32,000.00 prior to the City signing the final Plat in lieu of replacement trees. The amount was calculated as follows: 320 caliper inches at $100.00 per caliper inch. The Developer is contesting this charge. The City will deposit this amount into an escrow account until the City of Prior Lake and the Developer reach a mutual agreement. 31. SECURITY. To guarantee compliance with the terms of this Development Contract, payment of the costs of all Developer Installed Improvements, and construction of all Developer Installed Improvements, the Developer shall furnish the City with an Irrevocable Letter of Credit in an amount equal to 125% of the estimated Developer Improvement Costs. The Irrevocable Letter of Credit ("Security") shall be in the form attached hereto as Exhibit B, from a bank for $680,431.00. The amount of the Security was calculated as follows: DEVELOPER INSTALLED Il\1PROVEMENTS COSTS: Sanitary Sewer Watermain Storm Sewer Streets/Sidewalksffrails Street Signs Tree Preservation and Replacement Erosion Control $ 95,841.00 $ 138,169.00* $ 80,618.00 $ 216,892.00** $ 500.00 $ 12,325.00 $ 0.00*** $ 544,345.00 X 1.25 ESTIMATED DEVELOPER INSTALLED Il\1PROVEMENTS SUBTOTAL 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page \3 TOTAL FOR IRREVOCABLE LETI'ER OF CREDIT AMOUNT $ 680,431.00 * ** *** Includes $48,962.00 for watermain oversizing Includes $3,125.00 for oversizing (construction of pond access) Erosion control covered by grading permit LOC This breakdown is for historical reference; it is not a restriction on the use of the Security. The bank on which the Irrevocable Letter of Credit is drawn shall be subject to the approval of the City. The bank shall be authorized to do business in the State of Minnesota with a principal branch located within the seven County Twin City Metropolitan area. The Security shall be for a term ending December 31,2006 unless otherwise approved by the City Engineer. The Irrevocable Letter of Credit shall automatically renew for successive one-year terms unless, at least forty-five (45) days prior to the next annual renewal date (which shall be January 1st of each year), the Bank delivers written notice to the Prior Lake City Manager that it intends to modify the terms of, or cancel, the Irrevocable Letter of Credit. Written notice is effective if sent by certified mail, postage prepaid, and deposited in the u.S. Mail, at least forty-five (45) days prior to the next annual renewal date addressed as follows: Prior Lake City Manager, Prior Lake City Hall, 16200 Eagle Creek Avenue, Prior Lake, Minnesota 55372-1714, and is actually received by the City Manager at least forty-five (45) days prior to the renewal date. If the required Developer Installed Improvements are not completed at least thirty (30) days prior to the expiration of the Security, the City may draw on the Irrevocable Letter of Credit. If the Security is drawn down, the proceeds shall be used to cure the default. 32. REDUCTION OF SECURITY. Upon receipt of proof satisfactory to the City that the required portions of the Developer installed improvements have been satisfactorily completed and [mancial obligations to the City have been satisfied, the Security may be reduced by seventy-five percent (75%) of the financial obligations that have been satisfied upon written authorization by the City Engineer. Any requests for reductions in the Security must be made in writing to the City Engineer and must be accompanied by lien waivers from any contractor or subcontractor for the Developer. Twenty-five percent (25%) of the Security shall be retained until all Developer Installed Improvements and other obligations 1:\05 files\05 subdivision\05 fmal plat\wilds ridge north\final development contract.doc Page 14 .~ '1;;!,{!~~f,'~\ :.' zt'-'< 1~ 1"'1 .,. under this Development Contract have been completed, including, but not limited to, all fmancial obligations to the City, and the receipt of all required as-built street, utility and grading plans by the City. Once the City has accepted the project, as-builts have been completed, all punch list items are completed and warranty bonds submitted, the Irrevocable Letter of Credit may be reduced to 5%. Upon completion of the warranty period the 5% Irrevocable Letter of Credit may be released. In no event shall the five percent (5%) Security be released until the Developer provides the City Engineer with a certificate from the Developer's registered land surveyor stating that all irons have been set following site grading and utility and street construction. 33. CITY DEVELOPMENT FEES. The Developer shall also furnish the City with a cash fee of $476,416.00 for City Development Fees. The amount of the cash fee was calculated as follows: CITY DEVELOPMENT FEES: City Administration Fee (4%) $ 19,690.00* City Construction Observation (5%) $ 32,113.00** Trunk Stonnwater Acreage Charge $ 45,003.00 Trunk Water Acreage Charges $ 88,715.00 Trunk Sanitary Sewer Acreage Charges $ 49,035.00 Street Oversize Acreage Charge $ 79,360.00 Sewer and Water Connection Charge $ 18,000.00 Park and Trail Dedication Fee $ 112,500.00 Tree Replacement $ 32,000.00 TOTAL CITY DEVELOPMENT FEES $ 476,416.00 Oversizing of$52,087.00 was deducted from project cost estimate prior to calculating. For purposes of establishing observation fee, estimated $150,000.00 for site grading included (100,000 c.y. @ $1.50/c.y.). Oversizing of $52,087.00 was deducted from project cost estimate prior to calculating. 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc * ** Page 15 34. WARRANTY. The Developer warrants all Developer Installed Improvements required to be constructed by it pursuant to this Development Contract against poor material and faulty workmanship. The Developer shall post warranty bonds in the amount of twenty-five (25%) of the improvements as security. The warranty period for streets is one (1) year. The warranty period for underground utilities is one (1) year. The warranty period on Developer Installed Improvements shall commence on the date the City Council adopts a resolution accepting the improvements. All punch list items must be completed and "as-built" drawings received prior to the commencement of the warranty period. The retained Security may be used by the City to pay for warranty work. The City standard specifications for utilities and street construction identify the procedures for final acceptance of streets and utilities. These standards are set out in the Public Works Design Manual. 35. OVERS/ZING. City and Developer agree that the Developer Installed Improvements should be oversized for the benefit of future development. Oversizing is the construction of a Developer Installed Improvement to City specifications that exceeds those that would otherwise be required of the Developer. Oversizing improvements include, but are not limited to, sanitary sewer, water, storm drainage facilities, and road improvements. If the City Engineer determines that oversizing is required, the City shall reimburse the Developer for the costs associated with this work and as approved in this contract. City and Developer agree that the cost of system oversizing to be reimbursed to the Developer is $52,087.00 based upon a cost estimate by the City Engineer as determined by the Developer's engineer's estimate to be provided by the Developer and application of the City's Assessment Policy based on a fmal engineering design. If the Developer does not obtain competitive bids for the work the City Engineer may reject the estimate prices and use competitive bid prices obtained from recent city projects. No additional oversizing compensation relating to this Development Contract shall be made unless approved in writing by the City Engineer and approved by the City Council. It is the Developer's responsibility to provide accurate 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 16 I .. . "'",....i..d~i,_.. 1";\-'.' , ~ lIi. estimates in accordance with the approved construction plans. Oversizing shall include payment to the developer for construction of the pond cleanout access driveway. The calculation for oversizing is attached as Exhibit D. 36. CLATMS. A. City Authorized to Commence Interpleader Action. In the event that the City receives claims from labor. materialmen. or others that work required by this Development Contract has been performed. the sums due them have not been paid. and the laborers, materialmen. or others are seeking payment from the City. the Developer hereby authorizes the City to commence an Interpleader action pursuant to the Minnesota Rules of Civil Procedure for the District Courts. to draw upon the Irrevocable Letter of Credit Security in an amount up to one-hundred twenty-five percent (125%) 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 Irrevocable Letters of Credit deposited with the District Court, except that the Court shall retain jurisdiction to determine attorneys' fees pursuant to this Development Contract. B. Prompt Payment to Subcontractors Required. The Developer shall pay any subcontractor within ten (10) days of the Developer's receipt of payment by the City for undisputed services provided by the subcontractor. If the Developer fails within that time to pay the subcontractor any undisputed amount for which the Developer has received payment by the City. the Developer shall pay interest to the subcontractor on the unpaid amount at the rate of one and one-half percent (1.5%) per month or any part of a month. The minimum monthly interest penalty payment for an unpaid balance of one- hundred dollars ($100) or more is ten dollars ($10). For an unpaid balance of less than one-hundred dollars ($100). the Developer shall pay the actual interest penalty due to the subcontractor. A subcontractor who prevails in a civil action to collect interest penalties from the Developer shall be awarded its costs and 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 17 disbursement, including attorney's fees incurred in bringing the action, from the Irrevocable Letter of Credit or other security provided by the Developer to the City. (See Minn. Stat. ~4 71.425, Subd. 4a.) 37. RESPONSIBILITY FOR COSTS. A. The Developer shall reimburse the City for costs incurred in the enforcement of this Development Contract, including engineering and attorneys' fees. B. Except as provided in Paragraphs 14 and 15 of this Development Contract, the Developer shall pay in full all bills submitted to it by the City for obligations incurred under this Development Contract within thirty (30) days after receipt. If the bills are not paid on time, the City may issue a stop work order until the bills are paid in full. 38. DEVELOPER'S DEFAULT. A. Definition. In the context of this Development Contract, "Event of Default" shall include, but not be limited to, anyone or more of the following events: (1) failure by the Developer to pay, in a timely manner, all real estate property taxes and assessments with respect to the development property; (2) failure by the Developer to construct the Developer Installed Improvements pursuant to the terms, conditions and limitations of this Development Contract; (3) failure by the Developer to observe or perform any covenant, condition, obligation or agreement on its part to be observed or performed under this Development Contract; (4) transfer of any interest in the Plat without prior written approval by the City Council. (For the purpose of this paragraph 38) The sale of a lot, except an outlot, to a builder is not an event of default); (5) failure to correct any warranty deficiencies; (6) failure by the Developer to reimburse the City for any costs incurred by the City in connection with this Development Contract; (7) failure by the Developer to renew the Irrevocable Letter of Credit at least forty-five (45) days prior to its expiration date; (8) receipt by the City from the Developer's insurer of a notice of pending termination of insurance; (9) a breach of any material provision of this Development Contract. With respect to this paragraph, "material provision" shall be construed broadly to offer the City the fullest protection and recourse possible. 1:\05 files\05 subdivision\05 fmal plat\wilds ridge north\final development contract.doc Page 18 ,. -~ -.. , .. , ~ .. . .' . ID4If ,.- ~ w ... B. Event of Default - Remedies. Whenever an Event of Default occurs, the City, after providing the Developer with ten (10) days written notice in accordance with the terms of Paragraph 38 of this Development Contract, may take anyone or more of the following actions: 1. The City may suspend its performance under this Development Contract. 2. The City may cancel or suspend this Development Contract. 3. The City may draw upon or bring action upon any or all of the Securities provided to the City pursuant to any of the terms of this Development Contract. 4. The City may take whatever action, including legal or administrative action, which may be necessary or desirable to the City to collect any payments due under this Development Contract or to enforce performance and/or observance of any obligation, agreement or covenant of development under this Development Contract. 5. The City may suspend issuance of building permits and/or certificates of occupancy on any of the lots in this Plat. 6. The City may draw upon the Irrevocable Letter of Credit if the City receives notice that the bank elects not to renew the Irrevocable Letter of Credit. 7. The City may, at its option, install or complete the Developer Installed Improvements using the Irrevocable Letter of Credit to pay for the related costs. 8. Any fees incurred by the City associated with enforcing any of the provisions set out in sections 1-7 above shall be the sole responsibility of the Developer. C. Election of Remedies. None of the actions set forth in this Section are exclusive or otherwise limit the City in any manner. 39. NOTICES. Whenever any paragraph in this Development Contract, with the exception of paragraphs 14 and 15, requires Notice to be provided to the Developer, the notice shall include the following: (1) the nature of the breach of the tenn or condition that requires compliance by the Developer, or 1:\05 files\05 subdivision\05 fmal plat\wilds ridge north\final development contract.doc Page 19 the Event of Default that has occurred; (2) what the Developer must do to cure the breach or remedy the Event of Default; and (3) the time the Developer has to cure the breach or remedy the Event of Default. Required Notices to the Developer shall be in writing, and shall be either hand delivered to the Developer, its employees or agents, or mailed to the Developer by certified mail at the following address: Shamrock Development, Inc., 3200 Main Street NW, Suite 300, Coon Rapids, MN 55448. Notices to the City shall be in writing and shall be either hand delivered to the City Manager, or mailed to the City by certified mail in care of the City Manager at the following address: City of Prior Lake, 16776 Fish Point Road, Prior Lake, Minnesota 55372-1714. Concurrent with providing Notice to the City, Notice(s) shall be served upon the City Attorney Suesan Lea Pace, Esq. at Halleland Lewis Nilan & Johnson, US Bank Plaza, 220 South Sixth Street, Suite 600, Minneapolis, Minnesota, 55402-4501. 40. TNDEMNIFICA TION. Developer shall indemnify, defend, and hold the City, its Council, agents, employees, attorneys and representatives harmless against and in respect of any and all claims, demands, actions, suits, proceedings, liens, losses, costs, expenses, obligations, liabilities, damages, recoveries, and deficiencies, including interest, penalties, and attorneys' fees, that the City incurs or suffers, which arise out of, result from or relate to this Development Contract. The responsibility to indemnify and hold the City harmless from claims arising out of or resulting from the actions or inactions of the City, its Council, agents, employees, attorneys and representatives does not extend to any willful or intentional misconduct on the part of any of these individuals. 41. NO THIRD PARTY RECOURSE. The City and Developer agree that third parties shall have no recourse against the City under this Development Contract. The Developer agrees that any party allegedly injured or aggrieved as a result of the City's approval of the Plat shall seek recourse against the Developer or the Developer's agents. In all such matters, including court actions, the Developer agrees that the indemnification and hold harmless provisions set out in Paragraph 40 shall apply to said actions. 1:\05 files\05 subdivision\05 fmal plat\wilds ridge north\final development contract.doc Page 20 "' ... "'f" ., ~ ... 42. INSURANCE REOUIREMENTS. Developer, at its sole cost and expense, shall take out and maintain or cause to be taken out and maintained, until the expiration of the warranty period(s) on the Developer Installed Improvements, public liability and property damage insurance covering personal injury, including death, and claims for property damage which may arise out of Developer's work or the work of its subcontractors or by one directly or indirectly employed by any of them. Limits for bodily injury and death shall be not less than $1,000,000 for one person and $2,000,000 for each occurrence; limits for property damage shall be not less than $500,000 for each occurrence; or a combination single limit policy of $1,000,000 or more. The City shall be named as an additional insured on the policy, and the Developer shall file with the City a certificate evidencing coverage prior to the City signing the Plat. The certificate shall provide that the City must be given thirty (30) days advance written notice of the cancellation of the insurance. The Certificate shall be in the form attached hereto as Exhibit C. All insurance certificates shall have expiration dates falling on June 30th or December 31st of each year. Each insurance certificate shall have the project name and City project number clearly shown. 43. RECORDING DEVELOPMENT CONTRACT. This Development Contract shall run with the land. The Developer, at its sole cost and expense, shall record this Development Contract against the title to the property within sixty (60) days of the City Council's approval of the Development Contract. The Developer shall provide the City with a recorded copy of the Development Contract. The Developer covenants with the City, its successors and assigns, that the Developer is well seized in fee title of the property being [mal platted and/or has obtained consents to this Development Contract, in the form attached hereto, from all parties who have an interest in the property; that there are no unrecorded interests in the property being final platted; and that the Developer indemnifies and holds the City harmless for any breach of the foregoing covenants. 44. SPECIAL PROVISIONS. The following special provISIons shall apply to Plat development: 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 21 A. Compliance with all of the conditions listed in the Resolution approving the fmal Plat. B. The Developer is required to submit the fmal Plat in electronic format. The electronic format shall be compatible with the City's current software. In addition upon completion of the project the Developer shall provide the City with as-built utility plans in electronic format compatible with the City's current software and with layers, colors and line-types formatted in accordance with City standards. Additionally three (3) full size (22x34 inch) paper copies and one (1) reduced (11x17 inch) copy shall be certified and submitted to the City. C. The Developer hereby waives any claim against the City for removal of signs placed in the right-of-way in violation of the City Zoning Ordinance and State Statutes. The City shall not be responsible for any damage to, or loss of, signs removed pursuant to this provision. 45. MISCELlANEOUS. A. Compliance With Other Laws. The Developer represents to the City that the Plat complies with all county, metropolitan, state, and federal laws and regulations, including but not limited to: subdivision ordinances, zoning ordinances, and environmental regulations. If the City determines that the Plat does not comply, the City may, at its option, refuse to allow construction or development work in the Plat until the Developer does comply. Upon the City's demand, the Developer shall cease work until there is compliance. B. Severability. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this Development Contract is for any reason held invalid, such decision shall not affect the validity ofthe remaining portion of this Development Contract. C. Amendments. There shall be no amendments to this Development Contract unless in writing, signed by the parties and approved by resolution of the City Council. The City's failure to promptly take legal action to enforce this Development Contract shall not be a waiver or release. 1:\05 files\OS subdivision\OS fmal plat\wilds ridge north\final development contract.doc Page 22 o. '~,~._:...,';. if 1", '.~ ,.1'. . """"'_'.'''~'!u.. ... ., D. Assignment. The Developer may not assign this Development Contract without the prior written approval of the City Council which approval shall not unreasonably be withheld. The Developer's obligation hereunder shall continue in full force and effect even if the Developer sells one or more lots, the entire Plat, or any part of it. E. Interpretation. This Development Contract shall be interpreted in accordance with and governed by the laws of the State of Minnesota. The words herein and hereof and words of similar import, without reference to any particular section or subdivision, refer to this Development Contract as a whole rather than to any particular section or subdivision hereof. Titles in this Development Contract are inserted for convenience of reference only and shall be disregarded in constructing or interpreting any of its provisions. F. Jurisdiction. This Development Contract shall be governed by the laws of the State of Minnesota. CITY OF PRIOR LAKE (SEAL) By: Jack G. Haugen, Mayor By: Frank Boyles, City Manager DEVELOPER: By: Its: By: Its: STATEOFMINNESOTA ) ( ss. 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 23 COUNTY OF SCOTT) The foregoing instrument was acknowledged before me this _ day of . 20--, by Jack G. Haugen, Mayor, and by Frank Boyles, City Manager, of the City of Prior Lake, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. NOTARY PUBLIC STATEOFMINNESOTA ) ( ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 20--, by NOTARY PUBLIC DRAFTED BY: City of Prior Lake 16200 Eagle Creek Avenue SE Prior Lake, Minnesota 55372 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 24 -;l~' '~l,' ,..~, ~ JIJ .... FEE OWNER CONSENT TO DEVELOPMENT CONTRACT , fee owners of all or part of the subject property, the development of which is governed by the foregoing Development Contract, affinn and consent to the provisions thereof and agree to be bound by the provisions as the same may apply to that portion of the subject property owned by them. Dated this _ day of ,20_ STATE OF MINNESOTA ) ( ss. COUNTY OF ) The foregoing instrument was acknowledged before me this _ day of ,20-, by NOTARY PUBLIC DRAFTED BY: City of Prior Lake 16200 Eagle Creek Avenue SE Prior Lake, Minnesota 55372 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 25 MORTGAGEE CONSENT TO DEVELOPMENT CONTRACT , which holds a mortgage on the subject property, the development of which is governed by the foregoing Development Contract, agrees that the Development Contract shall remain in full force and effect even if it forecloses on its mortgage. Dated this _ day of ,20_ STATE OF MINNESOTA ) ( ss. COUNTY OF ) The foregoing instrument was acknowledged before me this _ day of 20---, by NOTARY PUBLIC DRAFTED BY: City of Prior Lake 16200 Eagle Creek Avenue SE Prior Lake, Minnesota 55372 1:\05 files\05 subdivision\05 fmal plat\wilds ridge north\final development contract.doc Page 26 ~!':,. - ~I'i,q{~,~:~ ,,1O ~ ,'~..~,"" ..s- CONTRACT PURCHASER CONSENT TO DEVELOPMENT CONTRACT . which/who has a contract purchaser's interest in all or part of the subject property, the development of which is governed by the foregoing Development Contract, hereby affirms and consents to the provisions thereof and agrees to be bound by the provisions as the same may apply to that portion of the subject property in which there is a contract purchaser's interest. Dated this _ day of ,20_. STATE OF MINNESOTA ) ( ss. COUNTY OF ) The foregoing instrument was acknowledged before me this _ day of 20-, by NOTARY PUBLIC DRAFTED BY: City of Prior Lake 16200 Eagle Creek Avenue SE Prior Lake, Minnesota 55372 1:\05 files\05 subdivision\05 fmal plat\wilds ridge north\final development contract.doc Page 27 EXlUBIT "A" TO DEVELOPMENT CONTRACT Legal Description of Property Being Final Platted and Copy of Final Plat, Including Title Sheet: 1:\05 files\05 subdivision\05 fmal plat\wilds ridge north\final development contract.doc ,...~.....,.'/io:;,ij..,d'o..;; '. , . ". '..;;,.. ,........... ...l,. ~... .",. :",; Page 28 EXlDBIT "A" TO DEVELOPMENT CONTRACT Legal Description of Property Being Final Platted and Copy of Final Plat, Including Title Sheet: 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 29 EXlDBIT "B" SAMPLE IRREVOCABLE LEITER OF CREDIT No. Date: TO: City of Prior Lake 16200 Eagle Creek Avenue Prior Lake, Minnesota 55372-1715 Dear Sir or Madam: We hereby issue, for the account of (Name of Developer) and in your favor, our Irrevocable Letter of Credit in the amount of $ , available to you by your draft drawn on sight on the undersigned bank. The draft must: a) Bear the clause, "Drawn under Letter of Credit No. (Name of Bank) "; , dated , 20-, of b) Be signed by the Mayor or City Manager of the City of Prior Lake. c) Be presented for payment at (Address of Bank) , on or before 4:00 p.m. on November 30, 20_. This Letter of Credit shall automatically renew for successive one-year terms unless, at least forty-five (45) days prior to the next annual renewal date (which shall be November 30 of each year), the Bank delivers written notice to the Prior Lake City Manager that it intends to modify the terms of, or cancel, this Letter of Credit. Written notice is effective if sent by certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days prior to the next annual renewal date addressed as follows: Prior Lake City Manager, Prior Lake City Hall, 16200 Eagle Creek Avenue, Prior Lake, Minnesota 55372-1714, and is actually received by the City Manager at least forty-five (45) days prior to the renewal date. This Letter of Credit sets forth in full our understanding which shall not in any way be modified, amended, amplified, or limited by reference to any document, instrument, or agreement, whether or not referred to herein. This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than one draw may be made under this Letter of Credit. This Letter of Credit shall be governed by the most recent revision of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 400. We hereby agree that a draft drawn under and in compliance with this Letter of Credit shall be duly honored upon presentation. BY: Its 1:\05 files\05 subdivision\05 fmal plat\wilds ridge north\final development contract.doc Page 30 , '>Ii.l~": ;.;i.l"~' -~Ij "~'.II.: ........ ..,~.;,,,,,..;.- ;0, EXlllBIT "C" SAMPLE CERTIFICATE OF INSURANCE PROJECT: CERTIFICATE HOLDER: City of Prior Lake 16200 Eagle Creek Avenue Prior Lake, Minnesota 55372-1714 INSURED: ADDITIONAL INSURED: City of Prior Lake AGENT: WORKERS' COMPENSATION: Policy No. Effective Date: Expiration Date: Insurance Company: COVERAGE - Workers' Compensation, Statutory. GENERAL LIABILITY: Policy No. Effective Date: Expiration Date: Insurance Company: ( ) Claims Made ( ) Occurrence LIMITS: [Minimum] Bodily Injury and Death: $1,000,000 for one person $2,000,000 for each occurrence Property Damage: $500,000 for each occurrence -OR- Combination Single Limit Policy $1,000,000 or more COVERAGE PROVIDED: Operations of Contractor: YES 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 31 Operations of Sub-Contractor (Contingent): ~ Does Personal Injury Include Claims Related to Employment? YES Completed Operations/Products: ~ Contractual Liability (Broad Form): YES Governmental Immunity is W aived: ~ Property Damage Liability Includes: Damage Due to Blasting ~ Damage Due to Collapse YES Damage Due to Underground Facilities YES Broad Form Property Damage YES AUTOMOBILE LIABILITY: Policy No. Effective Date: Expiration Date: Insurance Company: (X) Any Auto LIMITS: [Minimum] Bodily Injury: $1,000,000 each person $2,000,000 each occurrence Property Damage: $500,000 each occurrence -OR- Combined Single Limit Policy: $1,000,000 each occurrence ARE ANY DEDUCTmLES APPLICABLE TO BODILY INJURY OR PROPERTY DAMAGE ON ANY OF THE ABOVE COVERAGES: If so, list: Amount: $ [Not to exceed $1,000.00] SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL MAIL THIRTY (30) DAYS WRfITEN NOTICE TO THE PARTIES TO WHOM THIS CERTIFICATE IS ISSUED. Dated at On BY: Authorized Insurance Representative 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 32 ...",""'.. .,.'~'l-.' ~","c.'" _ ...L;"..".....:... :._ EXIllBIT "D" TO DEVELOPMENT CONTRACT (Oversizing Calculations for Developer Installed Improvements) A. OVERSIZING 1:\05 files\05 subdivision\OS fmal plat\wilds ridge north\final development contract.doc Page 33 EXlDBIT "E" TO DEVELOPMENT CONTRACT ESTIMATED CONSTRUCTION COSTS 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc ,-' ',:...:' . ..,.', Page 34 EXlDBIT "E" TO DEVELOPMENT CONTRACT ESTIMATED CONSTRUCTION COSTS 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 35 EXHIBIT "E" TO DEVELOPMENT CONTRACT ESTIMATED CONSTRUCTION COSTS 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 36 . "> ..... "-'. to. EXlDBIT "E" TO DEVELOPMENT CONTRACT ESTIMATED CONSTRUCTION COSTS 1:\05 files\05 subdivision\05 final plat\wilds ridge north\finaI development contract.doc Page 37 EXHIBIT "E" TO DEVELOPMENT CONTRACT ESTIMATED CONSTRUCTION COSTS 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc , ''!" ' ""lI""1!"J"~ ""::'~" "!L ~1 . '." ".",.",.~.. ... Page 38 EXlllBIT "F" TO DEVELOPMENT CONTRACT CONDDaONSOFPLATAPPROVAL 1. A current title opinion or commitment oftitle insurance is submitted acceptable to the City Attorney. 2. Payment of all fees prior to release of the final plat mylars. 3. Reductions of the entire final plat be submitted, to the following scales: I" = 800'; I" = 200'; and one reduction at no scale which fits onto an 81/2" x 11" sheet of paper. 4. Four mylar sets of the final plat with all required signatures are submitted. 5. The developer provides financial security, acceptable to the City Engineer prior to release ofthe final plat mylars. 6. The final plat and all pertinent documents must be filed with Scott County within 90 days from the date offinal plat approval. Failure to record the documents by February 7, 2006, will render the final plat null and void. 1:\05 files\05 subdivision\05 final plat\wilds ridge north\final development contract.doc Page 39