Agenda - Council - 09/13/2004 - Laserfiche WebLink

Home

34. Roadway hnprovements and must complete the installation of the landscaping described in the Phase II Landscaping Plan on or before the date 180 days from the City's substantial completion (exclusive of the final lift).of the City Phase II Roadway Improvements. Notwithstanding the foregoing, if the City substantially completes the City Phase II Roadway hnprovements between November 1 of any year and May 1 of the following year, the Developer is not obligated to commence the installation of the landscaping described in the Phase II Landscaping Plan until the following May 1 and is not obligated to complete the installation of the landscaping described in the Phase II 'Landscaping Plan until the following September 1. Upon the Developer's completion of the landscaping described in the Phase II Landscaping Plan, the Developer must submit to the City a guaranty as required by the Zoning Ordinance. Section 12.4 of the Master Development Agreement is hereby amended to read as l. bllows: 12.4 LETTERS OF CREDIT AND ALTERNATIVE SECURITY. Contemporaneously with the execution of this First ganendment, the Developer has delivered to the City a Letter of Credit in the amount of $3,000,000 (the "Initial Letter of Credit") to secure the Developer's obligations under Sections 7.2, 7.8, 7.15 and 10.1 herein (the "Initial Letter of Credit"). The letter of credit required under the terms, of this Master Agreement must be an h-revocable Letter of Credit from a state or national banking association or other financial institution reasonably acceptable to the City (the "Letter of Credit"). Unless otherwise expressly stated in this Master Agreement, the Letter of Credit must be in amount equal to $3,000,000 and on same terms and conditions of the h~itial Letter of Credit. The Letter of Credit must obligate the issuer thereof to honor the City's site draft fbr the full amount of the Letter of Credit provided the City submits to the issuer, along with the City's site draft, a Certificate signed by the City Administrator of the City of Ramsey stating the Developer is in default in the performance of the obligation the Letter of Credit secures (as stated in the Letter of Credit). The Letter of Credit, may be for a term of one year and, if not released, must be renewed pursuant to the requirements of this Section 12.4, must provide that it will automatically renew until released by the City. The Letter of Credit must, in all other respects, be in a form reasonably acceptable to the City. Until the Developer completes the performance of all of the obligations the Letter of Credit secures, the Developer must obtain and provide the City with extensions or renewals of the Letter of Credit at least thirty (30) days prior to the stated expiration date of the Letter of Credit. The term "Letter of Credit" as used in this Master Agreement means the Initial Letter of Credit the Developer delivers to the City, each extension or renewal of the original or any subsequent Letter of Credit. At such time as the City 108~445v2 13 -333-