Agenda - Council - 04/11/1995 - Laserfiche WebLink

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I I I I I I 10. Trail an~l Sidewak Construction. The DEVELOPER shall construct and pave in accordanc$ with CITY standards, a ten (10) foot wide bituminous trail not to exceed 5% in grade, parallel to T.H. g47 along the entirety of Lot 1 and extending north to connect with the trail in Amber Ridge. There shall be a minimum of ten (10) feet between the edge of the wail pavement and the adjacent property lines. The screening berm shall be a minimum of seven (7) ~eet above trail surface and shall be forested. The DEVELOPER shall provide approved ~trf establishment in conjunction with trail construction within the subject plat. The C1TY~ herein agrees that the DEVELOPER shall be reimbursed for trail construction outside th~ Plat boundaries at a rate of Six Dollars and no/cents ($6.00) per lineal foot. 11. Develone~'s Financial Guarantee. The DEVELOPER agrees and understands that the CITYihas the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 a_~d as amended as a condition precedent to the approval of the plans and specifications and approval of a final plat, to prescribe requirements and the extent to which, and~ the manner in which the streets be graded or improved, and the water, sewer, and other! utility mains, piping, or other facilities shall be installed and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual constructiqn and installation of the required Stage I Improvements and all other obligations of DEVELOPER provided for herein within a period specified by the City Council. Said financial guarantee shall provide that the CITY possess the statutory power to enforce such financial guarantee by all appropriate and legal remedies. The DEVELOPER shall deposit wi~ the CITY, cash in an mount equal to fifteen percent (15%) of the total cost of the project[ In lieu of this cash deposit, the DEVELOPER may file an irrevocable Letter of Credit o~ some other form of fmancial guarantee acceptable to the CITY in a minimum amount ex,ual to twenty percent (20%) of the total cost of the project. This financial guarantee, lin addition to those purposes described above, shall assure the CITY that the improvements required herein will be actually constructed and installed according to the specificati.~ns approved by the CITY, that the special assessments are paid as required herein, and that the DEVELOPER will fulffil all obligations set forth in this Agreement. Because o~ the need to guarantee the payment of the special assessments, the escrow shall be retain~ until all obligations of the DEVELOPER, including the payment of all special i assessments, are satisfied. The DEVELOPER agrees to pay all costs associated with the installation of sanitary sewer, water, and storm water systems necessary to provide service to the development