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

Home

I I I I I ,I I I I I I I I I I 10. 11. 12. 13. 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 $_167,280= $8,364.00), 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 ofTen Thousand Dollars and no cents ($10,000.00). 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 Seventy Six Thousand One Hundred Eighty Eight Dollars and no cents ($76,188) (42 x $1,814.00) and is due at the CITY prior to releasing the plat for recording. Stormwater Management Fee. The CITY has enacted a Stormwater Management Fee in the amount of $375.00 per lot. A cash payment in the amount of Fifteen Thousand Seven Hundred Fifty Dollars and no cents ($15,750) (42 lots x $375.00 per lot) is due at the CITY prior to releasing the plat for recording. The Stormwater Management Fee for the apartment building will be charged at the time of Site Plan Review. SECTION [I STAGE lI IMPROVEMENTS AND FINANCIAL GUARANTEES Stage 1I 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 d) Street lights e) Street sweeping f) Seal coating g) Adjusting water shut-off boxes h) Maintenance of storm water and facilities i) Boulevard seeding ("Stage II Improvements") Payment for Stage [[ 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 Anoka Electric Cooperative for the first three (3) years alter final plat approval. The CITY will bill Alpine Meadows Subdivision Development Agreement Page 4 of 12 -223-