Agenda - Council - 05/09/1995 - Laserfiche WebLink

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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 with the CITY, cash in an amount 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 or some other form of financial guarantee acceptable to the CITY in a minimum amount equal to twenty percent (20%) of the total cost of the project. This financial guarantee, in addition to those purposes des'cribed above, shall assure the CITY that the improvements required herein will be actually constructed and installed according to the specifications approved by the CITY, that the special 'assessments are paid as required herein, and that the DEVELOPER will fulfill all obligations set forth in this Agreement. Because of the need to guarantee the payment of the special assessments, the escrow shall be retained until all obligations of the DEVELOPER, including the payment of all special assessments, are satisfied. The DEVELOPER agrees to pay ail costs associated with the installation of sanitary sewer, water, and storm water systems necessary to provide service to the development 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 future 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 151st Lane N.W. and Quicksilver Street N.W. under the assessments which shall be levied for this development. The DEVELOPER'S share of the total estimated cost of the Stage I Improvements is One Hundred Fifty Seven Thousand and Two Hundred Dollars and no cents ($156,200.00). Therefore, the cash deposit shall be in the amount of Twenth Three Thousand Five Hundred Eighty Dollars and no cents ($23,580.00) or Thirty One Thousand Four Hundred Forty Dollars and no cents ($31,440.00) 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 that the special-assessments are paid as required herein. Because of the need to guarantee the payment of the special assessments, thc escrow shall be retained for thc five (5) year payment term of the assessments, or earlier date and lesser amount at such time that outstanding special assessments and ali other developer obligations are less than the original cash requirement. I I I I I i I I I I I i I I I I I