Agenda - Council - 04/25/1995 - Laserfiche WebLink

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The DEVE~!,OPER agrees to pay all costs associated with the installation of sanitary sewer, water, and storm water systems necessary to provide service to the development with the exqeption of those elements which are required to be oversized to enhance the overall perf~ rmance of the system or to provide extra depth to service future upstream service are~. Eight inch (8") watermain and eight inch (8") sanitary sewer are considered to be norma~ sizes for providing lateral service. The DEVELOPER agrees to pay the full cost of the ~onstruction of Xkimo Street N.W, Xkimo Court N.W. and 143rd Court N.W.. under the assessments which shall be levied for this development. The r DEVELOP~ER shall receive a credit for the oversizing of Xkimo Street N.W. as defined by current City policy and for the construction of a five foot concrete sidewalk along Xkimo Stre.~t N.W. The DEVELOPER share of the total estimated cost of the Stage I [ Improvemel~ts is One Hundred Twenty Thousand Dollars and no cents ($120,000.00). Therefore, ,e cash deposit shall be in the amount of Eighteen Thousand Dollars and no cents ($18,~0.00) or Twenty Four Thousand Dollars and no cents ($24,000.00) with any other form ~f financial guarantee. This financial guarantee, in addition to those purposes described a~bove, shall assure the CITY that the improvements required herein will be actually con,5, tructed and installed according to specifications approved by the CITY, and that the speqial assessments are paid as required herein. Because of the need to guarantee the paymen~ of the special assessments, the escrow shall be retained for the five (5) year, or ten (10) ye~, 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 the original cash requirement. 12. Estimated Costs. It is understood and agreed that construction cost amounts set forth in this Agreerfient 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. Satisfaction of Sewer and Water Trunk 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 propose, il preliminary plat of River's Bend 3rd Addition. The subject subdivision, consists of fifteen single family residential lots and the commercial outlots. The remaining outlots will !be charged the appropriate number of RECs on commercial property based [ upon City peliey. That policy being: (a) single family residential property shall be charged