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

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with the exception of those elements which are required to be oversized to enhance the OVerall performance of the system or to provide extra depth to service furore upstream service areas. Eight inch (8") watermain and eight inch (8") sanitary sewer are considered to be normal sizes for providing lateral service. The DEVELOPER agrees to pay the full cost of the construction of Xldmo Street N.W, Xk~mo Court N.W. and 143rd Court N.W.. under the assessments which shall be levied for this development. The BEVELOPER shall receive a'credit for the oversizing of Xldrno Street N.W. as defined by current City policy and for the construction of a five foot concrete sidewalk along Xkimo Street N.W. The DEVELOPER share of the total estimated cost of the Stage I ~provements is One Hundred Twenty Thousand Dollars and no cents ($120,000.00). Therefore, the cash deposit shall be in the amount of Eighteen Thousand Dollars and no cents ($18,000.00) or Twenty Four Thousand Dollars and no cents ($24,000.00) with any Other form of financial guarantee. This financial guarantee, in addition to those purposes described above, shall assure the CITY that the improvements required herein will be actually constructed and installed according to specifications approved by the CITY, and ~hat the special assessments are paid as required herein. Because of the need to guarantee the payment of the special assessments, the escrow shall be retained for the five (5) year, or ten (10) year, payment term of the assessments, or earlier date and lesser amount at such time that outstanding special assessments and all other developer obligations are less than ithe original cash requirement~ 12.Estlmated Costs. It is understood and agreed that construction cost amounts set forth in ;this Agreement as Stage I and Stage II Improvements, unless specified as fixed amounts, are estimated. The DEVELOPER agrees to pay the entire cost of said improvements ~'including interest, fiscal engineering and legal charges. 13: ;atisfaetion of Sewer and Wgter. Trlmk Charges. The Subject Property has been = previusly assessed for sewer and water trunk charges under City Improvement Project 84- ~ 18. This assessment was made on the following parcel identification numbers: 25~32-25- :31-0004, 25-32-25-42-0033, 25-32-25-43-0028, 25-32-25-34-0003, which encompass : the proposed preliminary plat of River's Bend 3rd Addition. The subject subdivision, ~ consists of fifteen single family residential lots and one commercial lot. The remaining outlots MI1 be charged the' appropriate number of R.ECs on commercial property based ? upon City policy. That policy being: (a) single family residential property shall be charged - the greater of three (3) RECs per acre or the actual number of single family units; (b) commercial and industrial property shall be charged 5.5 RECs per acre, and; (c) multi- I I I I I I ! I I I I I I I I I I I I