Agenda - Council - 07/23/2002 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I 10. 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 ($35,300), 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 Three Hundred Dollars and no cents ($35,300) (5% x $706,000). Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of Ninety Seven Thousand Nine Hundred Fifty Six Dollars and no cents ($97,956.00) (54 units x $1,814/unit) due on the Plat. During negotiations with City staff regarding the installation of the trunk sanitary sewer line, the DEVELOPER has chosen to construct said facility at an estimated cost of Forty Nine Thousand Nine Hundred Thirty Two Dollars and no cents ($49,932.00). These costs are eligible for trunk sewer and water credit. The remaining Forty Nine Thousand Eight Hundred Thirty Eight Dollars and no cents ($48,024.00) is due prior to release of the final plat for recording. The lift station cost Mil be shared between the DEVELOPER and the developers of Sunflower Ridge and Evergreen Point. Proof of this shared financial transaction must be provided to the City, in a form acceptable to the City Finance Officer, prior to releasing the final plat for recording. Attached to this agreement is the document that has been executed between the DEVELOPER and the developers of Sunflower Ridge and Evergreen Point regarding the construction of the shared lift station. .Stormwater Management Fee. The current stormwater management fee is $375.00 per unit. There are 54 single family lots proposed for the Subject Property; therefore, there is Twenty Thousand Two Hundred FiRy Dollars and no cents ($20,250.00) due for stormwater management for this Plat. The construction of the storm sewer off-site 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 Plat is responsible for Thirty Three Thousand One Hundred Thirteen Dollars and no cents ($33,113.00) (18.9% of the total project cost of $175,200.00); which exceeds the amount of stormwater management fees due on the Plat. The City will allow the use of the fees due ($20,250.00) at the time the storm sewer outlet is accepted, in place, operational, and the City is provided proof of the financial transaction, in a form acceptable to the City Finance Officer, between the DEVELOPER and the contractor for the off-site storm water trunk improvement. Costs in excess of 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 DEVELOPER of this Plat and the developers of Evergreen Point and Sunflower Ridge regarding the off-site storm sewer project. The City has requested that lateral storm sewer catch basins be included as part of the off-site storm sewer trunk improvements. This additional cost must be quantified and will remain City responsibility. These lateral costs have been estimated at Twenty Two Thousand Dollars and no cents ($22,000.00). Development Agreement/Wildlife Sanctuary 2nd Addition Page 4 of 14 -141-