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

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I I I I I I I I I I I I I I i I I I 10. 11. 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 1 Imnrovements - Completion Date. The Improvement completion date shall be on or before September 15, 1996. Staee 1 Imnrovement Financial Guarantee. The DEVELOPER agrees and understands that the CITY has thc right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended as a condition prex:edent 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 aoj_ml constmcuon, 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 gumantee 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 (kedit 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 ~he 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. Staee I Imorovement Maintenance Financial Guarantee. In addition to the' ~"mancial 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 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 (I) 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 H IMPROVEMENTS Street cleaning. From time to time, the CITY may remove accumulations of soft, 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 Coatine. The CITY will install in the Plat as