Agenda - Council - 03/26/1996 - Laserfiche WebLink

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1 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. 9. , isfa ion 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 $62,520.00 (40 x $1563). The DEVELOPER shall be responsible for the extension of sewer and water utilities to the site, as well as, interior sewer and water mains within the Plat as generally described in the Preliminary Utility Plan prepared by Ross Abel and dated November 13, 1995. The CITY will credit against the DEVELOPER'S trunk charge the construction cost of extending sewer and water to the southern boundary of the parcel. In addition, the CITY will credit the DEVELOPER fifteen (15) percent of this construction cost to cover engineering and inspection associated with this extension. The CITY will also credit the construction cost of oversizing the watermain from eight (8) inch to twelve (12) inch against the trunk charges. Finally, the CITY will credit the DEVELOPER with the construction costs plus fifteen (15) percent for the extension of twelve (12) inch watermain and eight (8) inch sanitary - sewer from the west boundary of the subdivision to the City Hall complex. 10. ,Stage I Improvement Maintenance Financial Guarantee. In addition to the financial 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 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 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. 1 1 II. STAGE H IMPROVEMENTS AND FINANCIAL GUARANTEES: 11. 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 a)