Agenda - Council - 12/09/1997 - Laserfiche WebLink

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5 I0. II. 12. 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 I Improvements - Completion Date. The Improvement completion date shall be on or before January 15, 1998. Stage 1 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 has installed and completed said-Stage I Improvements to the satisfaction of the City Engineer on or about October 1, 1997, and no financial guarantee shall be required for the installation of said Improvements. Stage I Improyement 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 Street Cleaning. From time to time, the CITY may remove accumulations of soil, earth and debris from the streets resulting from the construction of the Plat. It shall be the DEVELOPER'S responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY to DEVELOPER for such costs shall be paid within fifteen (15) days of the date of invoice. Street/Traffic Signs and Seal Coating. The CITY will install in the Plat as Stage ti Improvements, street/traffic signs and street seal coating. The DEVELOPER will pay to the CITY an amount equal to 100% of the City I I I I I I I I I I