Agenda - Parks and Recreation Commission - 02/14/2002

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o 10. of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 7 above, the DEVELOPER shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements ($620,000.00), whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I Improvements have been constructed in accordance with City standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance guarantee shall be in the amount of Thirty One Thousand Dollars and no cents ($31,000.00). Payment of Sewer and Water Trunk Charges. There is a sewer and water development fee of $278,361 (157 units x $1773/unit) due on the ultimate plat as reflected in the approved preliminary plat. The DEVELOPER has proposed that the offsite sewer and water improvements required to provide sewer and water to the site be constructed in lieu of cash payment. These improvements are estimated at $250,578. The remaining $27,782 ($278,361 - $250,578) shall be paid in cash. It should be the DEVELOPER'S option to pay the $27,782 and lock in the 2001 trunk fee rate or pay this additional money when his credited trunk fees run out during a subsequent final platting of a future phase. Stormwater Management Fee. There is a stormwater management development fee of $58,875 (157 units x $375/unit) due on the ultimate plat as reflected in the approved preliminary plat. Preliminary Plat approval was contingent upon addressing the drainage outlet to the north. At the time of preliminary plat, costs for this offsite improvement were estimated at $130,000, and would provide a positive flow outlet to the Rum River. Since that time the costs have been revised to $75,000. Due to the presence of City owned storm sewer on 156t~ Lane NW that could be utilized. The DEVELOPER would be responsible for these costs. As mentioned at the time of preliminary plat approval, the CITY has requested that a storm sewer overflow be included as part of this plat to protect the homes south of Alpine Drive NW. The cost to construct this outlot is estimated at $50,648. Since this improvement does not benefit the development, the CITY has proposed that this improvement be constructed in lieu of cash payment. The remaining $8,227 ($58,875 - $50,648) shall be paid in cash. It should be the DEVELOPER'S option to pay the $8,227 and lock in the 2001 trunk fee rate or pay this additional money when his credited trunk fees run out during a subsequent final platting of a future phase.