Laserfiche WebLink
I <br />I <br />I <br /> <br />the approval of the plans and specifications and approval of a final plat, to <br />prescribe requirements and the extent to which, and the manner in which the <br />streets are to be graded or improved, and the installation of sewer and water and <br />other facilities and that the DEVELOPER shall provide a f'mancial guarantee to <br />the CITY to provide for the actual construction and installation of the required <br />Stage I Improvements within a period specified by the City Council. <br /> <br />'l <br /> I <br /> <br /> I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br />:1 <br /> I <br /> I <br />:1 <br /> <br />The DEVELOPER shall provide a f'mancial guarantee to the CITY guaranteeing <br />the construction of the Stage I Improvements and their timely completion. The <br />financial guarantee shall be in the amount of One Hundred Sixteen Thousand Five <br />Hundred Dollars and no cents ($116,500.00), which amount is 125% of the City <br />Engineer's estimated cost of the Stage I Improvements. The financial guarantee <br />required by this paragraph shall be in the form of cash, letter of credit, or a Pledge <br />and Payment Agreement, approved as to form by the CITY. The financial <br />guarantee required by this paragraph shall be deposited with the CITY at the time <br />of execution of this contract. Upon total completion of Stage I Improvements, <br />acceptance by the CITY, and supported by lien waiver, the DEVELOPER can <br />request (in writing) a total reduction in the amount of the financial guarantee upon <br />providing a maintenance guarantee. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the <br />financial guarantee required by Paragraph 8 above, the DEVELOPER shall also <br />post a Stage I improvement maintenance guarantee with the CITY. Said <br />maintenance guarantee shall be deposited with the CITY at the time Stage I <br />Improvements are accepted by the CITY and prior to release by the CITY of the <br />financial guarantee required by Paragraph 8 above. The $10,000 maintenance <br />guarantee shall be held by the CITY for a one (1) year period from the date of its <br />deposit. This financial guarantee is for the purpose of ensuring that the Stage I <br />improvements have been constructed in accordance with City standards and may <br />be called upon at the CITY'S discretion during said one (1) year period if the <br />CITY determines it necessary to 'repair and/or replace any of the Stage I <br />improvements. Said financial guarantee shall be in the form of a letter of credit, <br />approved as to form by the CITY. <br /> <br />Trunk Sewer and Water. A mink usage charge is required by the CITY for usage <br />of its Trunk Sewer and Water System, which charge is $1734.00 per residential <br />unit created. A payment of One Hundred Sixty Two Thousand Nine Hundred <br />Ninety Six Dollars and no cents ($162,996.00) (94 units x $1734/unit) is due at <br />the City prior to releasing the plat for recording. <br /> <br />Stormwater Management Fee. The CITY has enacted a Stormwater Management <br />Fee in the amount of $366.00 per lot. A cash payment in the amount of Thirty <br />Four Thousand Four Hundred Dollars and no cents ($34,400.00) (94 lots x <br />$366.00 per lot) is due at the CITY prior to releasing the plat for recording. <br /> <br />-241 - <br /> <br /> <br />