Agenda - Council - 05/23/1995 - Laserfiche WebLink

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I I I I I I I I I I I i I I I I I remaininglobligations of the DEVELOPER. Developer's iVinancial Guarantee. The DEVELOPER agrees and understands that the CITY ha~ the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to the approval of the plans and specification{ and approval of a final plat, to prescribe requirements and the extent to which, and th{~ 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 DEVELOPE~ shall provide a financial guarantee to the CITY to provide for the actual construction ~d 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 £manciallguarantee by all appropriate and legal remedies. The DEVELOPERS shall deposit with tfi~e CITY, cash in an amount equal to fifteen percent (15%) of the total cost of the project. Iri lieu of this cash deposit, the DEVELOPERS may file an irrevocable Letter of Credit or sO, me other form of f'mancial guarantee acceptable to the CITY in a minimum amount equa~ to twenty percent (20%) of the total cost of the project. This f'mancial guarantee, in gddition to those purposes described above, shall assure the CITY that the improvementa required herein will be actually constructed and installed according to the specificationsi approved by the CITY, that the special assessments are paid as required herein, and that the DEVELOPERS will fulfill all obligations set forth in this Agreement. Because of th~ need to guarantee the payment of the special assessments, the escrow shall be retained until all obligations of the DEVELOPERS, including the payment of all special assess/nents, are satisfied. The DEVELOPERS agree to pay all costs associated with the installation of sanitary sewer and wgter 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 ilach (8") watermain and eight inch (8") sanitary sewer are considered to be normal sizes f~r providing lateral service. The DEVELOPERS share of the total estimated cost of the Stage I Improvements is Seventy One Thousand Five Hundred Dollars and no cents ($71,500.00). Therefore, the cash deposit sfiall be in the amount of Ten Thousand Seven Hundred Twenty Five Dollars