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

Home

I I I I I I I I I I I I I I I I i I I m 10. Removal of Debris. The DEVELOPER shall be responsible for the removal and proper disposal of all debris, garbage, and fallen trees from the Subject Property. Stage 1 Improvements - Completion Date. The Improvement completion date shall be on or before November 15, 2000. Stage I 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, the installation of other facilities, and the removal of debris and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual construction, installation of the required Stage I Improvements, and removal of debris 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 Ten Thousand Five Hundred Dollars and no cents ($10,500.00), 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 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 Letter of Credit upon providing a maintenance guarantee. The CITY agrees to allow a reduction in the Letter of Credit for any improvements installed by the DEVELOPER and accepted by the CITY. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required 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 final plat is released by the CITY for recording. 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 insuring 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. Said financial guarantee shall be in the form of a Letter of Credit, approved as to form by the CITY. II. STAGE II IMPROVEMENTS 81