Agenda - Council - 04/22/2003 - Laserfiche WebLink

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-156- o 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, which equates to Forty One Thousand Two Hundred Dollars and no cents ($41,200.00) (5% x $823,269). 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. 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 Ten Thousand Dollars and no cents ($10,000.00) or five percent (5%) of the cost of the Stage I Improvements ($823,269.00), whichever is greater. 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. The maintenance guarantee shall be in the amount of Forty One Thousand Two Hundred Dollars and no cents ($41,200.00) (5% x $823,269). Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of Seventy Six Thousand Three Hundred Forty Two Dollars and no cents ($76,342.00) (41 units x $1,862/unit) due on the Plat. 10. Stormwater Management Fee. The current stormwater management fee is $375.00 per unit. Therefore, there is cash payment of Fifteen Thousand Three Hundred Seventy Five Dollars and no cents ($15,375.00) due for stormwater management for this Plat. SECTION II STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES 11. Stage II Improvements Required. The Stage II Improvements which the CITY requires the DEVELOPER to construct within the Plat are as follows' a) d) Street striping and signing Traffic signing Future though street signs Street lights Development Agreement/Village of Sunfish Lake Page 4 of 12 I I I I I I I I I I I I I I I I I I !