Agenda - Council - 04/27/2010 - Laserfiche WebLink

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c. Public streets with concrete curb and gutter d. Trunk and lateral storm drainage facilities e. Sidewalk Construction along Sunwood Drive and Sapphire St. f. Natural gas g. Telephone service h. Electric service i. Temporary and permanent erosion control j. Street lights (installment arranged by the CITY during Stage I Improvements and paid for by DEVELOPER as Stage II Improvement) ("Stage I Improvements") The DEVELOPER agrees to construct the Stage I Improvements according to the terms and conditions of this Contract and in accordance with plans submitted to the CITY. Said plans shall be in conformance with the Final Plat and Final Engineering Plans dated March 22, 2010 as amended by staff review. All of the plans are subject to revisions per City Staff Review Letter dated April 21, 2010 The final construction plan for the Stage I Improvements shall be submitted to the CITY Engineer for review and approval prior to commencement of construction. The DEVELOPER agrees to provide specifications, subject to review and approval of the City Engineer, for construction and restoration of utilities within Sunwood Drive. Work must be completed under traffic, be brought up to grade, and must be restored to existing conditions within 24 hours. The DEVELOPER shall be responsible for completing the rough grading and providing lot corner stakes prior to the installation of underground utilities. 6. Sta eg 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 DEVELOPER shall be responsible for a financial guarantee 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 shall be deposited with the CITY at the time of execution of this Contract. Upon 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. 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 shall make a cash deposit into the appropriate escrow account at the CITY and the CITY shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements. The DEVELOPER shall be responsible for a cash deposit in the Ramsey Town Center 14th Addition Development Contract Page 2 of 10 Pages