Agenda - Council - 11/26/2002 - Laserfiche WebLink

Home

supported by appropriate lien waivers, the DEVELOPER may request a reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been deposited. 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 or Thirty Five Thousand Dollars and no cents ($35,000.00)) (5% x $700,000.00). 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 7 ab. ove, the DEVELOPER shall als0 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 7 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10',000) or five percent (5%) of the cost of the Stage I Improvements (5% x $700,000.00), 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 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 Thirty Five Thousand Dollars and no cents ($35,000.00). Sewer and Water Trunk Charges. As part of the DEVELOPMENT, the DEVELOPER will be extending the existing sanitary sewer trunk line located south of 153rd Ave. through the Subject Property to a location east of County Highway 5 (Nowthen Blvd.) as sb. own in plans dated August 2, 2002 and prepared by Hakanson Anderson Associates, Inc. Based on the DEVELOPER'S extension of the sanitary sewer trunk line, the CITY and DEVELOPER agree to the following: The CITY agrees to contribute a not to exceed amount of $150,000.00 to the cost of constructing a 30" trunk sanitary sewer line from its existing location to the north right-of- way of Alpine Dr. NW. The CITY agrees to allow the Developer to utilize all of the trunk fee money generated from this first phase of 39 lots as well as an additional 156 tots that will be platted in the future on land under the Developer's control within the "triangle" during a five year period following the date of final approval of Villas of Meadow Point. The "triangle" is defined' by the right-of- Villas of Meadow Pointe Townhomes Subdivision Development Agreement Page 4 of 12 -239-