Agenda - Council - 02/24/1998 - Laserfiche WebLink

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March 18, 1997, revision date February 18, 1998. 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 DEVELOPER shall be responsible for completing the rough grading and providing lot comer stakes prior to the installation of underground utilities. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on or before October 31, 1998. Stage I Improvement Financial Guarantee. 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 Seven Hundred Thousand Dollars and no cents ($700,000.00), 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 DEVELOPER 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. Th/s 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. Construction of Trunk Sewer and Trunk Watermain. The DEVELOPER is responsible for the construction, including easement acquisition, of trunk sewer and trunk watermains to serve the Plat. As stated herein, the CITY is requiring the DEVELOPER to oversize the watermain in order to serve other CITY properties. It is understood that the DEVELOPER has assigned this responsibility to Oakwood Land Development, Inc., a Minnesota corporation ("Oakwood"). The CITY anticipates entering into an agreement with Oakwood to accomplish the construction of the sewer and watermains as required herein. Any violation by Oakwood in its agreement with the CITY shall be deemed a violation in this Agreement and the default remedies of this Agreement shall then apply.