Agenda - Council - 06/27/2000 - Laserfiche WebLink

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STAGE I IMPROVEMENTS AND FINANCIAL GUARANTEES City Code Compliance. That the DEVELOPERS will develop the Plat in accordance with the City Code, Section 9.50, entitled "Subdivision" and Section 9.20.31 entitled "Planned Unit Development". Conformance with Plan. The Plat. shall be developed pursuant to the proposed final plat consisting of one (1) dated received by the CITY on June 13, 2000. Incorporation of Ail City Code Requirements. That the recitals above and the provisions of the City Charter, Subdivision Code, Zoning Code and Public Improvement Code of the CITY as amended to date hereof, are incorporated herein by reference. ~tage I Improvements Required. The DEVELOPER agrees to construct the required Stage I Improvements according to the terms and conditions of this contract and in accordance with DEVELOPERS' plans submitted to the CITY. Said plans shall be in general conformance with the plans prepared by John Oliver & Associates, Inc., dated April 5, 2000. Boulevard and Area Restoration. The DEVELOPER shall be responsible for the cost of establishing seed or sod in all boulevards within thirty (30) days of the completion of the street improvements, and restore ail other areas disturbed by the development grading operation in accordance with the approved erosion and sediment control plan. The DEVELOPER shall also be responsible for the cost of cleaning any soil, earth or debris from the wetlands within and adjacent to this Plat resulting from grading performed in the development of the land. Requirements after Street Surfacing. After the street surfacing is installed, the DEVELOPER shall clear any soil, earth, or debris from the streets and from the lots within the Plat resulting from any construction on the Subject Property by the DEVELOPER or their successors and assigns. Stage 1 Improvements - Completion Date. The Improvement completion date shall be on or before November 30, 2000. Stage 1 Improvement Financial Guarantee. The DEVELOPER agrees and understands that the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to the approval of the plans and specifications and approval of a final plat, to prescribe requirements and the extent to which, and the manner in which the streets are to be graded or improved, and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual construction and installation of the required Stage I Improvements within a period specified by the City Council. 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 Twenty Six Thousand and Six Hundred Dollars and no cents ($26,600.00), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The form and issuer of the the financial guarantee shall be subject to the approval of the CITY. The financial guarantee required by this Paragraph shall be deposited with the CITY at the time of execution of this contract. Upon total completion of Stage I Improvements, acceptance by CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the amount of the financial guarantee upon providing a maintenance guarantee. i I' I I I; I I I I I' !