Agenda - Council - 03/12/1996 - Laserfiche WebLink

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o of Credit or some other form of financial guarantee acceptable to the CITY in a minimum amount equal to twenty pement (20%) of the total cost of the project. This financial guarantee, in addition to those purposes described above, shall assure the CITY that the improvements required herein will be actually consu-ucted and installed according to the spec/fications approved by the CITY, that the special assessments are paid as required herein, and that the DEVELOPER will fulfill all obligations set forth in this Agreement. Because of the need to guarantee the payment of the special assessments, the escrow shall be retained until all obligations of the DEVELOPER, including the payment of all special assessments, are satisfied. The DEVELOPER agrees to pay all costs associated with the installation of sanitary sewer, water, and storm water systems necessary to provide ser,rice to the development with the exception of those elements which are required to be oversized to enhance the overall performance of the system 'or to provide extra depth to service future upstream service areas. Eight inch (8") watermain and eight inch (8") sanitary sewer are considered to be normal sizes for providing lateral service. The DEVELOPER'S share of the total estimated cost of the Stage I Improvements is Three Hundred Twenty Two Thousand Eight Hundred Dollars and no cents ($322,800.00). Therefore, the cash deposit shall be in the amount of Forty Eight Thousand Four Hundred Twenty Dollars and no cents ($48,420.00) or Sixty Four Thousand Five Hundred Sixty Dollars and no cents ($64,560.00) with any other form of financial guarantee. This financial guarantee, in addition to those purposes described above, shall assure the CITY that the improvements required herein will be actually constructed and installed according to specifications approved by the CITY, and that the special assessments are paid as required herein. Because of the need to guarantee the payment of the special assessments, the escrow shall be retained for the five (5) year payment term of the assessments, or earlier date and lesser amount at such time that outstanding special assessments and all other developer obligations are less than the original cash requ/rement. Estimated I~ost$. It is understood and agreed that construction cost amounts set forth in this Agreement as Stage I and Stage II Improvements, unless specified as fixed amounts, are estimated. The DEVELOPER agrees to pay the entire cost of said improvements including interest, fiscal engineering and legal charges. I I i I I I I i I I I I I I ! I I I