Agenda - Council - 04/08/2003 - Laserfiche WebLink

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-290- eligible for funding by the City. Source of City funding shall not be a determinate of financial participation. Installation by City. All Stage I improvements shall be planned, designed,. inspected and/or approved by the City Engineer. The administrative charges of the City in connection with such improvements shall be included in the costs determined in Subdivision 3 of this Section. c. Minimum Escrow Requirements for Stage I Improvements. For City awarded improvements, the owner or subdivider shall provide a financial surew in a form acceptable to the City make a cash Finanee-Depam~em4-in a minimum amount equal to 15% 20% of the City Engineer's estimated cost of installing the Stage I Development improvements described in ~9.50.50 Subd. 3b abo~e. ~proved- by the City i-n-~m~n-~mum~m~}.~t-eq, ual-m-2 For non-City awarded improvements, the owner or subdivider shall provide a financial surety in a form acceptable to the City. ~w ........... ~ ...... mn~a'~~r of credit equal to 125% of the total cost of such .improvements as estimated by the City Engineer, including the billable estimated expense of the City for engineering, legal, fiscal, administrative ~d other expenses incm~ed by the City in co~ection with the making of such imprOvements, en.-aqam~th-~-sis as th~~. ~~ Upon total completion of Stage I Improvements (includ~nR the removal of "temporary" erosion conrail measm'es), acceptance by the City, supported by appropriate lien waivers, the Developer-may request a reduction in the mnount of the financial guar~tee, but only if the mgintenance gm~antee required has been deposited. There shall be an escrow Devel. opnnent aA. greement which shall provide that in the event the required improvements are not completed within the specified 'timeline one ye~, all amounts held made~ in the escrow Development Atzreement aemement ~'~'~" ma?' be and d'el;~;",~re,-3 to the City-drawn upon bv the City and applied by the City to the cost of completing the required improvements. If the funds available within said escrow are not sufficient to complete the required improvements, the necessm'y additional cost to the City shall be assessed against the subdivision. Any balance remaining in the escrow fund after such 9.50 Subdivision Regulations 9-57 March 2003 Draft I I I I I I I I I I I I I I I I I I I