Agenda - Council - 10/08/2002 - Laserfiche WebLink

Home

I I I I I I I I I I I I I I I I i I 10. 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 Thousand Six Hundred Sixteen 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 lif~ station cost will be shared between this DEVELOPER and the developers and Sunflower Ridge and Wildlife Sanctuary 2na 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 for 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 lif~ station. Stormwater Management Fee. The current stormwater management fee is $375 per unit. There are ultimately 110 units proposed for the Subject Property, therefore there would be $41,250.00 due for stormwater management for this development. The construction of the storm sewer off~ske improvements for the Subject Property is estimated at One Hundred Seventy Five Thousand Two Hundred Dollars and no cents ($175,200.00), of which this development would be responsible for $66,226.00 (37.8% of the total project cost of $175,200.00); which exceeds the amount that would be collected by the City. The City will allow the use of the funds due ($41,250) for this development when the storm sewer outlet is accepted, in place and operational and the City is provided proof of the financial transaction between the DEVELOPER and the contractor of the offsite storm water trunk improvement. Costs above the amount owed for the stormwater management fee shall be the responsibility of the DEVELOPER. Attached to this agreement is the document that'has been executed between the developers of Evergreen Point, Wildlife Sanctuary Addition, and Sunflower Ridge regarding the offsite storm sewer project. SECTION H 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) Street striping and signing b) Traffic signing c) Future Through Street Signing Evergreen Point Second Addition Subdivision Development Agreement Page 4 of 11 -85-