Agenda - Council - 03/26/2002 - Laserfiche WebLink

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I I I I I I I I I I I I I ! I I I I Trunk and lateral storm drainage facilities Lot grading and permanent erosion control facilities Natural gas Telephone service Electric service (" Stage I Improvements") The DEVELOPER agrees to construct the Stage I Improvements according to the terms and conditions of this .agreement and in accordance with DEVELOPER'S plans submitted to the CITY. Said plans shall be in general comtbrmance with the Grading Plan prepared by Anderson Engineering of Minnesota, LLC, dated June 27, 2001, revised March 7, 2002. The final construction plan for the Stage I Improvements shall be in conformance with said plan prepared by Anderson Engineering of Minnesota, LLC, dated January 4, 2002, revised March 7, 2002. The DEVELOPER shall be responsible for completing the rough grading and providing lot comer stakes prior to the installation of underground utilities. Stage I Improvements Completion Date. completed on or before April 1, 2003. The Stage I Improvements shall be Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The financial guarantee shall be in the amount of One Hundred Thousand Thirty Seven Five Hundred Dollars and no cents ($137,500), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this paragraph shall be in the form of cash or a letter of credit, approved as to form by the CITY. The financial guarantee shall be deposited with the CITY at the time of execution of tkis agreement. Upon total completion of Stage I Improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan), acceptance by the CITY, 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 7 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 fbr inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements or Five Thousand Five Hundred ($5,500) (5% x ti0,000). 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. -125-