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guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The <br />maintenance guarantee shall be in the amount of Twenty Four Thousar~d Five Hundred Fifty <br />Dollars and no cents (24,550.00). <br /> <br />Payment of Sewer and Water Trunk Charges. The DEVELOPER shall pay its sewer and <br />water trunk charges of $1,862.00 per residential unit or a total of One Hundred Seven <br />Thousand and Twenty Six Dollars and no cents ($85,652.00) (46 x $1,862.00) and said <br />charges are due at the CITY prior to releasing the plat for recording. The ligr station cost will <br />be shared between the DEVELOPER and the developers of Evergreen Point and Wildlife <br />Sanctuary 2~d Addition. Proof of this shared financial transaction must be provided in a form <br />acceptable to the City Finance Officer prior to release of ~he Plat for recording. Attached to <br />this agreement is the document that has been executed between the DEVELOPER and the <br />developers of Evergreen Point and Wildlife Sanctuary 2nd Addition, associated with the <br />construction of the shared lift station. <br /> <br />10. <br /> <br />Stormwater Management Fee. The current St0rmwater Management Fee is $375.00-per <br />unit. There are ultimately 126 units proposed for the Subject Property. Therefore, there is a <br />stormwater management fee obligation in the amount of Forty Seven Thousand Two Hundred <br />Fifty Dollars and no cents ($47,250.00) (126 x $375/unit). The construction of the storm <br />sewer off-site improvements for the Subject Property is estimated at One Hundred Seventy <br />Five Thousand Two Hundred Dollars and no cents ($175,200.00), Seventy Five Thousand <br />Eight Hundred Sixty Two Dollars and no cents ($75,862.00) (43.3% of $175,200.00) of <br />which is the responsibility of the Subject Property. The CITY will allow the use of the <br />stormwater management fees ($47,250.00) at the'time the storm sewer outlet is accepted, in <br />place, operational, and the CITY is provided with proof of the financial transaction, in a form <br />acceptable to the City Finance Officer, between the DEVELOPER and Edina Development <br />Corporation for the off-site storm water trunk improvements. Costs in excess of the amount <br />owed for stormwater management shall be the responsibility of the DEVELOPER. Attached <br />to this Agreement is the document that has been executed betw~een the DEVELOPER of this <br />Plat and the developers of Evergreen Point, and Wildlife Sanctuary 2nd Addition, relating to <br />the storm sewer project. The CITY has requested that lateral storm sewer catch basins be <br />included as part of the off-site storm sewer trunk improvements. This additional cost must be <br />quantified and will be the responsibility of the CITY. These lateral costs have been <br />estimated at Twenty Two Thousand Dollars and no cents ($22,000.00). <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />11. Stage II Improvements Required. The Stage II Improvements which the CITY requires <br /> the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) Street str/ping and signing. <br />b) Traffic signing <br />c) Future Through Street Signing <br /> <br />Sunflower Ridge <br />Development Agreement <br />Page 1 of 12 <br /> <br />-273- <br /> <br /> <br />