Agenda - Council - 10/22/2002 - Laserfiche WebLink

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I I ! I I i I I I I I I I I I I I I I $350,000.00), 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 f'mancial 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 Seventeen Thousand Five Hundred Dollars and no cents ($17,500.00). Payment of Sewer and Water Trunk Charges. The DEVELOPER Shall pay its sewer and water trunk charges of $1,814.00 per residential unit or a total of Ninety Four Thousand Three Hundred Twenty Eight Dollars ($94,328.00) ( 52 x $1,814.00) and is due at the CITY prior to releasing the plat for recording. The lift station cost will be shared between this DEVELOPER and the developers of Sunflower Ridge and Wildlife Sanctuary 2"a Addition. Proof of this shared financial transaction must be provided to the City in a form acceptable to the City Finance Officer prior to the releasing of the final plat fbr recording. Attached to this agreement is the document that has been executed between the DEVELOPER and the developers of Wildlife Sanctuary Addition and Sunflower Ridge regarding the construction of the shared lift station. 10. Stormwater Management Fee. Stormwater Management fees were addressed for the Subject Property as a part development agreement for Evergreen Point. SECTION II STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES 11. Stage II Improvements Required. The Stage II Improvements whiclx 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 sweeping f) Seal coating g) Adjusting water shut-off boxes h) Maintenance of storm water and facilities i) Boulevard seeding (" Stage II Improvements") 12. Payment for Stage II Improvements. The CITY will install in the Plat the Stage II Improvements. The DEVELOPER shall also deposit an amount that is determined by the CITY to be adequate to aid in the operation and maintenance of street lights in locations Evergreen Point Second Addition Subdivision Development Agreement Page 4 of 11 -233-