Agenda - Council - 08/12/2003 - Laserfiche WebLink

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i I I I ! I I I I and maintenance thereof being included within the development agreement as a Stage II ImproC'ement. Required Deposits. All sums deposited with the City in accordance with this Section shall be kept in separate funds which funds shall be encumbered and earmarked for the later construction of the particular imp .............. 9 50 50 within the particular Subdivision provided, however, that the Stage II improvements may be merged into a single fund. Subd. 4. City Participation, Residential Developments ao Certain Improvements. The owner or subdivider engaged in the development of lands which are zoned Residential may request City participation in the payment of the costs of the installation of improvements listed in 9.50.50 Subd. 2a, 1 and 2. City participation shall be negotiated with the Developer and established by the City Council pursuant to entering into a Development Agreement.. The Council shall, on a case by case basis, determine infrastructure impact on areas outside the subdivision. City required over'sizing of infrastructure beyond the appropriate standard residential or commercial equivalent may be eligible for funding by the City. Source of City funding shall not be a determinate of financial participation. Installation by City. All Stage I improvements shall be planned, designed, inspected and/or approved by the City Engineer. The administrative charges of the City in connection with such improvements shall be included in the costs determined in Subdivision 3 of this Section. 1 I Co Minimum Escrow Requirements for Stage I Improvements. For City awarded improvements, the owner or subdivider shall provide a financial surety in a form acceptable to the City in a minimum amount equal to 20% of the City Engineer's estimated cost of installing the Stage I Development improvements described in §9.50.50 Subd. 3b above. I I I I I For non-City awarded improvements, the owner or subdivider shall provide a financial surety in a form acceptable to the City. equal to 125% of the total cost of such improvements as estimated by the City Engineer, including the billable estimated expense of the City for engineering, legal, fiscal, administrative and other expenses incurred by the City in connection with the making of such improvements. Upon total completion of Stage I Improvements (including the removal of "temporary" erosion control measures), 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 has been deposited. 9.50 Subdivision Regulations 9-41 March 2003 Draft -419-