Agenda - Council - 02/26/2002 - Laserfiche WebLink

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-1t4- 10. 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 7 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) or five percent (5%) of the cost of the Stage I Improvements ($1,158,800.00), whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) year per/od 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 Fifty Seven Thousand Nine Hundred Dollars and no cents ($57,900) (5% x $1,158,800). Payment of Sewer and Water Trunk Charges. There is a sewer and water development 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. The DEVELOPER has proposed that the remaining $2I 6,798 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. Stormwater Management Fee. There is a stormwater management fee of Twenty One Thousand Seven Hundred and Fifty Dollars and-no cents ($21,750.00) (58 units'x $375/unit) due on the first phase of this development. 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. The estimated cost of this improvement is Eighty One Thousand Dollars and no cents ($81,000.00). The DEVELOPER shall be responsible for this cost and any other requirement of the Lower Rum River Watershed Management Organization. As mentioned at the time of preliminary plat approval, the CITY has requested that a storm sewer overflow be included as part of this Plat to protect the homes south of Alpine Drive NW. The cost to construct this outlet within the boundaries of the Plat is estimated at Twenty Six Thousand Dollars and no cents ($26,000.00), plus Thirty Nine Thousand Dollars and no cents ($39,000.00) outside the boundaries of the Plat. This improvement does not benefit the Plat. The DEVELOPER shall install, at its cost, the portion of the improvement within the Plat. The CITY desires the DEVELOPER to construct the portion outside the I I I I I I I I I I I I I I I I I I I