Agenda - Council - 10/28/1997 - Laserfiche WebLink

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ESCROW FOR REQUIRED IMPROVEMENTS. In order to insure the installation of the Required Improvements in accordance with City specifications and in a timely manner, the Permittee shall be required to deposit with the City a cash escrow or letter of credit, approved as to form by the City, in the amount of One Thousand Two Hundred Dollars and No Cents ($I,200.00), which is 150% of the City's estimated cost of the Improvements. Prior to the issuance of the building permit, all financial guarantees must be provided as required herein. Upon completion of the construction of the Required improvements, the financial guarantee shall be returned to the Permittee. The determination of completion of the construction of the Required Improvements shall be made by the City Engineer or his/her designee. In the event the Permittee fails to construct and install the Required Improvements as required herein, the City shall provide notice to the Permittee of the default condition and establish a thirty (30) day time frame in which the Permittee may remedy the default condition. If the Permittee fails to do so within the 30 day time frame, the City Administrator or his/her designee may order the completion of the Required Improvements with City day labor and/or by letting contracts of said completion and draw upon the escrow for payment. Only the City Administrator or his/her designee shall have the authority to direct completion of the Required Improvements and withdraw from the escrow account. The Permittee hereby grants permission and a license to the City and/or its contractors and assigns to enter upon the Site for the purpose of completing the construction and installation of the Required Improvements in the event of the Permittee's default. 10. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements shall be completed before October 1, 1998. Michael and MaryBeth Sjoquist hereby acknowledge receipt of this permit and that they have reviewed the conditions of this permit and have agreed that they will comply with the terms of this permit. MICHAEL J. SJOQUIST MA_RYBETH SJOQUIST STATE OF MINNESOTA ) ) SS. COUNTY OF ANOKA ) On this day of , I997, before me a Notary Public, personally appeared Michael J. and MaryBeth Sjoquist, husband and wife, to me known to be the persons described in and who executed the foregoing instrument and acknowledged that they executed the same as their free act and deed. Notary Public I I I I I I I I I! I I I I I I I I