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

Home

amount of Dollars and No Cents ($ .00). Upon completion of the Improvements to the satisfaction of the CITY, any surplus balance remaining in the CITY's escrow account shall be refunded to the DEVELOPER. 8. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 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 equal to five percent (5%) of the cost of the Stage I Improvements, whichever is greater. The DEVELOPER shall be responsible for a cash deposit in the amount of Dollars and No Cents ($ .00). 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. 9. Sta eg II Improvements Required. The Stage II Improvements which the CITY requires the DEVELOPER to construct within the Plat are as follows: a) Street striping and signing b) Traffic signing c) Future Through Street Signing d) Street lights e) Street light maintenance f) Street sweeping g) Seal coating ("Stage II Improvements") 10. Payment for Stage II Improvements. The CITY will install in the Plat the Stage II Improvements. The DEVELOPER shall deposit an amount that is determined by the CITY to be adequate to aid in the operation and maintenance of street lights in locations within the Plat determined by the CITY Engineer and installed by Connexus for the first three (3) years after final plat approval. The CITY will bill residents in the Plat at least quarterly for street light maintenance and operation costs; billing will be initiated at the time a residence connects to municipal water and sanitary sewer. The DEVELOPER will pay to the CITY an amount equal to 100% of the CITY Engineer's estimated construction cost of the items prior to recording of the final Plat. The CITY Engineer's estimated cost of construction is: a) Street signing (_ @$200.00 each) $ b) Street striping ~ lf. @ .20/ft.) $ c) Traffic signs L @ $200,00 each) $ d) Future Through Street Signing (0) $ Ramsey Town Center 14th Addition Development Contract Page 3 of 10 Pages