Agenda - Council - 03/28/1995 - Laserfiche WebLink

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10. installation of sewer and water and other facilities and that the DEVELOPER shall provide a financial 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 ~onstraction of the Stage I Improvements and their timely completion. The financial ~amntee shall be in the mount of Three Hundred Fifteen Thousand Dollars and no cents ($315,000.00), 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, letter of credit, or a Pledge and Payment Agreement, 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, acceptance by the CITY, and supported by lien waiver, the ~EVELOPER can request (in writing) a total reduction in the amount of the Pledge and ;Payment Agreement upon providing a maintenance guarantee. ~Stage I ,Impr0yement Maintenan¢~ Fin0n¢ial G~aranf;e¢~ 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 ~i 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 (I) year period if the CITY determines it necessary to repair and/or replace any of the Stage I improvements. Said 3 financial guarantee shall be in the form of a letter of credit, approved as to form by the - CITY. Satisfaction of Sewer and' Water Trunk Charges. As stated in the preamble of this agreement, the DEVELOPER is responsible for a sewer and water umnk charge of ~ $1,539.00 per residential unit or a total of Fifty Thousand Seven Hundred Eighty Seven ~ Dollars and no/cents ($50,787.00) for the 33 lots created by this development. The DEVELOPER agrees to construct and may satisfy a portion or all of the total trunk fees due by causing the construction of trunk watermains to the Willow Ridge subdivision site. Specifically, the cost of extending the existing twelve (12) inch watermain, which currently terminates approximately 1100 feet east of T.H.#47, to the east side of T.H. #47 and Barium Street N.W. shall be considered trunk. Also, the extension of the twelve (12) inch watermain which currently terminates at the intersection of 149th Avenue N.W. and Argon Street N.W. to the southern plat boundary of the Willow Ridge subdivision shall be considered trunk. The DEVELOPER shall receive credit based upon reasonable unit prices subject to the approval of the City Engineer, associated with the actual construction costs for the trunk watermain improvements. In addition, the DEVELOPER will be credited fifteen (15) percent of the actual construction costs to cover plan preparation, inspections, and as-built plans associated with the trunk watermain extension. In addition, the DEVELOPER will receive credit for the difference in construction costs between a twelve (12) inch watermain and related appurtenances and an eight (8) inch watermain and related appurtenances which will be constructed through the Willow Ridge subdivision. No credit will be given for plan preparation, inspections, and as-built plan preparation as oversizing will not have a significant affect on these costs. I I I I I I I I I I I I I I I I I