Agenda - Council - 04/10/2001 - Laserfiche WebLink

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-188- 5 The DEVELOPERS agree to construct the Stage I Improvements according to the terms and conditions of this agreement and in accordance with DEVELOPERS' plans submitted to the CITY. Said plans shall be in general conformance with the Grading Plan prepared by TEC Design, dated March 27, 200I. The final construction plan for the Stage I Improvements shall be submitted to the City Engineer for review and approval prior to commencement of construction. The DEVELOPERS shall be responsible for completing the rough grading and providing lot coruer stakes prior to the installation of underground utilities. Stage I Improvements Completion Date. completed on or before November 30, 2001. The Stage I Improvements shall be Stage I Improvement Financial Guarantee. The DEVELOPERS 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 Two Hundred Forty One Thousand Two Hundred Fifty dollars and no cents ($241,250.00), 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 this agreement. Upon total completion of Stage I Improvements, acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPERS 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. 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 $10,000 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. Payment of Sewer and Water Trunk Charges. The DEVELOPERS shall pay their sewer and water trunk charges of $1,773.00 per residential unit or a total of Seventy Four Thousand Four Hundred Sixty Six Dollars and no cents ($74,466.00) (42 x $1,773.00). ! I I I I I I I I I I I I I I I I I i