Agenda - Council - 06/11/1996 - Laserfiche WebLink

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I I I I I I i I I I I I I I I I I I I lO. ll. 12. 13. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The f'mancial guarantee shall be in the amount of Nineteen Thousand Three Hundred Seventy Five Dollars and 00/i00 ($19,375), 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 releasing 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 insta/led by the DEVELOPER and accepted by the CITY. Stage I Iml~rgy~ment 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 (1) 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 II IMPROVEMENTS Street Cleaning. From time to time, the CITY may remove accumulations of soil, earth and debris from the streels 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 Stage II Improvements, street/traffic signs, and street seal coating. The DEVELOPER will pay to the CITY an amount equal to 100% of the City Engineer's estimated construction cost of the items prior to recording of the final plat. The cost of these items is as follows: Street Cleaning $300.00 Sealcoating $1,000.00 One (1) Street Sign $100.00 One (1) Traffic S~gn $120.00 $120.00 Total $1,540.00 III. PERMITS AND OCCUPANCY: ~eo_uirements for Building and Occu_oancv Permits. No building permit for any lot in the Plat shall be issued until: (a) reasonable vehicular access to the lot is provided; (b) a Certificate of Survey, including that information required by the CITY, has been supplied to the City Building Official; and (c) all the financial