Agenda - Council - 12/10/2002 - Laserfiche WebLink

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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 ($1,585.00), whichever is greater. Said maintenance guarantee sha[I 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 Ten Thousand Dollars and no cents ($10,000). ll. Stormwater Management Fee. The CITY has enacted a Stormwater Management Fee in the amount of Three Hundred Seventy Five Dollars and no cents ($375..00) per unit.' Therefore, a payment for the five new lots in the amount of One Thousand Eight Hundred Seventy Five Dollars and no cents ($1,875.00) shall be paid to the CITY prior to releasing the Final Plat for recording. SECTION II STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES 12. Stage II Improvements Required. The Stage II Improvements which the CITY requires the DEVELOPER to construct within the Plat are as follows: a) b). c) d) e) d) e) Street striping and signing Traffic signing Future though street signs Street lights Street light maintenance and operation Sea[coating Street sweeping ("Stage II Improvements") 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 within the Plat determined by the City' Engineer and installed by Connexusfor 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. The DEVELOPER will pay to the CITY' an amount equal to 100% of the City Engineer's estimated construction cost o£the items prior to recording of the final Plat. The City Engineer's estimated cost of construction is: Development Agreement/White Oak Addition Page 5 of 1-1 -143-