Agenda - Parks and Recreation Commission - 12/13/2001

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D AFT 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 (5% x $ = $ ), 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 Dollars and no cents ($ · ). Payment of Sewer and Water Trunk Charges. The DEVELOPER shall pay its sewer and water trunk charges of $1,773.00 per residential unit or a total of Twenty Three Thousand Forty Nine Dollars and no cents ($23,049.00) (13 x $1,773,00). The CITY will credit against the DEVELOPER'S trunk charge the construction cost of extending sewer and water to the Plat. In addition, the CITY will credit the DEVELOPER fifteen (15) percent of this construction cost to cover engineering and inspection associated with this extension. The CITY will also credit the construction cost of oversizing the watermain from eight (8) inches to twelve (12) inches against the water trunk charges. 10. Stormwater Management Fee. The CITY has enacted a Stormwater 'Management Fee in the amount of $375.00 per lot. A cash payment in the amount of Four Thousand Eight Hundred Seventy Five Dollars and no cents ($4,875.00) (13 lots x $375.00 per lot) is due at the CITY prior to releasing the plat for recording. The stormwater management fee will be utilized for assisting in the construction of The cost of all required stormwater improvements in excess of $4,875.00 shall be the responsibility of the DEVELOPER and it is herein agreed that the CITY shall not incur any direct costs related to the construction of storm sewer improvements. SECTION II STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES 11. Stage II Improvements Required. The Stage II Improvements which the CITY requires the DEVELOPER to construct within the Plat are as follows: a) Inspection b) Street striping and signing c) Traffic signing d) Street lights e) Street sweeping -19-