Agenda - Council - 06/10/1997 - Laserfiche WebLink

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o 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 fi:om the lots within the Plat resulting from any construction on the Subject Property by the DEVELOPER or their successors and assigns. Stage I Improvements Completion Date. The Improvement completion date shall be on or before November 15, 1997. Stage I Improvements 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 oft he pI'ans 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 the installation of sewer and water and other facilities and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual construction and installation of the required Stage t 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 Four Hundred Twenty Five Thousand Dollars and no cents ($425,000.00), 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, letter of credit, or a Pledge and Payment Agreement, approved as to form by the CITY. The financial guarantee required by the paragraph shall be deposited with the CITY at the time of execution of this contract. Upon total completion of Stage I Improvements, acceptance by the CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the amount of the fmanciaI guarantee. In the event release of the Plat occurs after July 1, the DEVELOPER will be required to escrow with the CITY a cash amount equal to the estimated amount of any resulting property taxes for the succeeding year, on property conveyed to the CITY for exempt purposes. Stage I Improvements Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 8 above, the DEVELOPER shall also post a Stage I Improvements 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 financial guarantee required by Paragraph 8 above. The $10,000 maintenance guarantee shall be held by the CITY for one a (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 3