Agenda - Council - 01/26/2010 - Laserfiche WebLink

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5. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on or before January 26, 2010. 6. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The financial guarantee shall be in the amount of Dollars and No Cents ($ .00) which amount is 125% of the City Engineer's estimated cost of the. Stage I Improvements. The financial guarantee required by .this paragraph shall be in the form of cash or a letter of credit, approved as to form by the CITY. . The financial guarantee shall be deposited with the CITY at the time of execution of this agreement. Upon total completion of Stage I Improvements. (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER may request a reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been deposited. The DEVELOPER shall pay all financial guarantees before release of the plat for recording at Anoka County. 7. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the City related to the installation of Stage I Improvements. The DEVELOPER agrees that the inspection fees required as part of the Plat shall be paid to the City in the amount of Dollars and No Cents (__.00). The DEVELOPER shall pay all inspection fees before release of the plat for recording at Anoka County. 8. Stage I Improvement Maintenance Financial Guarantee. Since no Stage I Improvements require a maintenance financial guarantee, the DEVELOPER will not be required to post a Stage I Improvement maintenance guarantee with the CITY. 9. Sanitary ..Sewer and Water Trunk Fees. Since. the DEVELOPMENT will be served by private well and. septic, no Sanitary Sewer or Water Trunk Fees will be collected. Any additional lots created with future plats will be subject to Sanitary Sewer and Water Trunk Fees at the rate in effect at the time a development agreement is executed if located within the Metropolitan Urban Service Area (MUSA) and/or connecting to these services, or otherwise required. 10. Stormwater Management Fees. Stormwater Management Fees were not collected with the existing RABBIT RUN plat. Since no additional buildable lots are being created, the DEVELOPER is not required to pay a Stormwater Management Fee for the Plat. Any additional lots created with future plats will be .subject to Stormwater Management Fees at the rate in effect at the time a development agreement is executed. Elmcrest Sanctuary Development Agreement January 2010 Page 3 of 8