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

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I I I I I I I I I I I I I I I I I 10. 11. 12. 13. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by the Paragraph 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 the Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by the Paragraph 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 deems it necessary to repair and/or replace any of the Stage I Improvements. The form and issuer of said financial guarantee shall be subject to the approval of the CITY. II. STAGE II IMPROVEMENTS Street Cleaning. From time to time, the CITY may remove accumulations of soil, earth and debris from the streets resulting from the construction of the Plat. It shall be the DEVELOPER'S responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY to DEVELOPER for such costs shall be paid within fifteen (15) days of the date of invoice. Street/Traffic Signs, Street Lights and Seal Coating. The CITY will install in the Plat, as Stage II Improvements street/traffic signs, street lights and street seal coating. Street lights will be installed by Anoka Electric Cooperative in locations as determined by the City Engineer. The DEVELOPER will pay to the CITY an amount equal to 100% of the City Engineer's estimated cost of these items prior to recording of the final Plat. The DEVELOPER shall also deposit an amount that is determined by the CITY to be adequate to aid in the operation and maintenance of the street lights for the first 3 years. The estimated cost of these items is as follows: Street Cleaning $300.00 Seal Coating $3,080.00 One (1) Street Signs . $150.00 Total: $3,530.00 III. PERMITS AND OCCUPANCY Requirements for Building Permits. No building permit for any lot in the Plat shall be issued until a Certificate of Survey including that information required by the CITY has been supplied to the Building Official; and all financial guarantees required by the CITY have been satisfied. IV. PARK DEDICATION Cash Payment. The Plat is located in the Lake Itasca Park District. Park Dedication shall be satisfied by the DEVELOPER making a cash payment in the amount of Five Hundred per lot or Eight Thousand Five Hundred Dollars and no/cents ($5,500.00), which is in accordance with the Northfork Park Dedication Agreement dated May 9, 1989.