Agenda - Council - 09/24/1996 - 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. Meadows~3rd Addition to the existing bituminous pavement west of the T.H. #47 frontage road. Since these improvements also provide service to only the property north of the roadway, the CITY agrees to credit the DEVELOPER fifty (50) percent of the actual cost of the roa~l improvements. Said road improvements shall include concrete curb and gutter, Class 5 base, bituminous wear couse, and incidental street work pay items. Said road improvements shall not include storm sewer and conswaction overhead. The estimated cost of this credit is Fourteen Thousand Dollars and no cents ($14,000.00). Satisfaction Of Sewer And Water Trunk Charges. As stated in the preamble of this agreement, the DEVELOPER is responsible for sewer and water trunk charges of $1,563.00per residential unit or a total of Six Thousand Two Hundred Fifty Two Dollars and no cents ($6,252.00). Stage I INprovements Completion Date. The Improvement completion date shall be on or before July 15, 1997. Stage I Improvement Financial Guarantee: The DEVELOPER agrees and understands that the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to the approval of the plans and specifications and approval of a final plat, t0 :prescribe requirements and the extent to which, and the manner in which the streets are to be graded or improved, and the installation of sewer and water and other facilities and that the DEVELOPER shall provide a ~nancial guarantee to the CITY to provide for the actual construction and installation of the required Stage I Improvements 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 guarantee Shall be in the amount of Seventy Thousand Dollars and no cents ($70,000.00), 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 Credit, approved as 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 and payment of all outstanding escrow account ballances, and acceptance by 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. /09