Agenda - Council - 01/09/1996 - Laserfiche WebLink

Home

I0. 11. financial guarantee shall be in the amount of Twenty Seven Thousand Eight Hundred Seventy Five Dollars ($27,875.00), 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 required by this paragraph shall be deposited with the CITY at the time of execution of this contract. Upon total completion of Stage I Improvements and payment of all outstanding escrow account balances, and acceptance by the CITY, supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the amount of the Letter of Credit upon providing a maintenance guarantee. Satisfaction of Sewer and Water Trunk Charges. As stated in the preamble of this agreement, the DEVELOPOER is responsible for sewer and water trunk charges of $1,563.00 per residential unit or a total of ($45,327.00). Stage I Improvement Maintenance Financial Guarantee. 'In addition to the f'mancial guarantee required by Paragraph 8 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 8 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 c0nstmcted in accordance with city standards and may be called upon at the CITY'S discretion during said one (I) 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. II. STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES: 12. 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. I I i I I I I I I I I I I I i I I