Agenda - Council - 06/25/2002 - Laserfiche WebLink

Home

I I I I I I I I I I I I I I I I I 8. 9. lO. 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, which equates Thirty nine two hundred ninety four Dollars and no cents ($39,294) (5% x $785,880). 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 6 above, the DEVELOPER shall also 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 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 ($39,294), 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 equates Thirty nine two hundred ninety four Dollars and no cents ($39,294) (5% x $785,880). Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of $284,798.00 (157 units x $1,814/unit) due on the ultimate plat as reflected in the approved preliminary plat. The City has requested the on site sewer be lowered to accommodate expansion in the future. The cost of this work is estimated at $68,000.00. The DEVELOPER has proposed that the remaining $216,798 be used for off-site sewer and water improvements required to provide sewer and water to the site. These improvements are estimated at Two Hundred and Fifty Five Thousand Dollars ($255,000.00). Since the costs for the improvements exceed the Sewer and Water Trunk Fee, there shall be no trunk fees collected as part of this Development Agreement. Stormwater Management Fee. There is a stormwater management fee of Twenty Four Thousand Dollars and no cents ($24,000.00) (64 units x $375/unit) due on the Plat. Preliminary Plat approval was contingent upon addressing the drainage outlet to the north. The DEVELOPER shall install an outlet from Woodland Green Park to the unnamed park at the north end of the Plat, adjacent to 156th Lane N.W. before any home construction occurs. Development Agreement/Highlands At River Park Page 4 of 14 -147-