Agenda - Council - 05/12/1998 - Laserfiche WebLink

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Preservation Plan prepared by Passe Engineering, Inc. and dated March 18, 1997, r,. ~ision 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 July 15, 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 One Hundred Sixty Thousand Dollars and no cents ($160,000.00), which amount is I25% 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. 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 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. Payment of Sewer and Water Trunk Charges. The DEVELOPER shall pay its sewer and water trunk charges of $1,657.00 per residential unit or a total of Thirty Nine Thousand Seven Hundred Sixty Eight Dollars and no cents (39,768.00) (24 x $1,657.00). The CITY will credit against the DEVELOPER'S trunk charge the construction cost of extending sewer and water to the Plat. In addition, the CITY will credit the DEVELOPER fifteen (15) percent of this construction cost to cover engineering and inspection associated with this extension. The CITY will also credit the construction cost of oversizing the watermain from eight (8) inches to twelve (12) inches against the water trunk charges. Because the construction costs for bringing the sewer trunk and water trunk to the Plat exceed the City's sewer and water trunk charge of $1657.00 per