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

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for the cost of establishing seed or sod in all boulevards within thirty (30) days of the completion of the street improvements, and restore ali other areas disturbed by the development grading operation in accordance with the approved erosion and sexliment control plan. The DEVELOPER shall also be responsible for the cost of cleaning any soil, earth or debris from the wetlands within and adjacent to this Plat rosulting from grading performed in the development of the land. Any silt fencing utilized in the project for erosion and secjimentation control shall be removed within twelve (12) months of the CITY'S acceptance of the Stage I Improvements. lleauirem~llts after Street Surfacim,. After the street surfacing is instaJled, the DEVELOPERS shall clear any soil, ~arth, or debris from the streets and from the Iota within the Plat resulting fi'om any construction on the Subject Property by the DEVELOPERS or their successors and assigns. 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. e Stage 1 Imt}rovements - Comnletion Date. With the exception of the trail construction described in Item #15 of this Agreement, the Improvement completion date shall be on or before September 15, 1996. 10. 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 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 Thousand Dollars and no cents ($100,000.00) 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 prior to the CITY releasting the plat for recording at the County. Upon total completion of Stage I Improvements, acceptance by CITY, and 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. The CITY agrees to allow a reduction in the Letter of Credit for any improvements installed by the DEVELOPER and accepted by the CITY. 11. Stage I Im0rovement Maintenance Financial Guarantee. In addition to tho 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 Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required above. The $10,000 maintenance.guarantee shall be held by the CITY for a one (1) year period from ~he ~ of its deposit. This financial guarantee is for the purpose of insutia', g that ~he .~..ge I Improvements have been constructed, in