Agenda - Council - 07/09/1996 - 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. for thc actual construction and installation of the required Stage I Improvements withi~ a period specified by the City Council. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage ! Improvements and their timely completion. The financial guarantee shall be in the amount of Three Hundred Fifty Six Thousand Two Hundred Fifty Dollars and no cents ($356,250.00), 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, letter of credit, or a Pl~ge and Payment Agreement, approved is to form by the CITY. The financial guarantee required by this paragraph shall be deposited with the CITY at the time of execution of this contract. Upon total completion of Stage I Improvements, acceptance by the CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the amount of the financlal guarantee upon providing a maintenance guarantee. 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 theCITY 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. II. STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES Street Cleaning. From time to time, the CITY may remove accumulations of soil, earth and debris from the streets resulting from the consmaction of the Plat. It-shall be the DEVELOPER'S responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY t° the DEVELOPER for such costs shall be paid wi. thin fifteen (15) days of the date of invoice. Street/Traffic Signs, Street Lights, Street Cleaning and Seal Coating: The CITY will install in the Plat, as Stage 11 Improvements, street/traffic signs and sealcoating. The DE,_VELOPER 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 DEVELOPER shall also deposit an amount that is determined by the CITY to be adequate to aid in the operation and maintenance of street lights in locations determined by the City Engineer and installed by Anoka Electric Cooperative for the first three (3) years. The CITY will bill residents in the Plat at least quarterly for street light maintenance and operation costs; billings will be initiated at the time of connection to municipal water and sanitary sewer. The cost of these items is: Street Cleaning Sealcoating Three (3) Traffic Sign(s) $300.00 $6,350.00 $36O.OO