Agenda - Council - 06/27/1995 - Laserfiche WebLink

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10. Stage I I rovement Financial Guarantee, The DEVELOPER agrees and ' understands that the CITY has the right, privilege and authority pursuant to Minnesota Statutes ChaOter 462.358 and 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 are to be graded or improved, and the ' installation 4 sewer and water and other facilities and that the DEVELOPER shall provide a fin ncial guarantee to the CITY to provide for the actual construction and ' installation of'the required Stage I Improvements within a period specified by the City Council. Th4 Stage I Improvements shall include the 8 foot wide bituminous trail to be constructed within the County right -of -way, parallel to C.S.A.H. #57, from the ' intersection of 142nd Lane N.W. and C.S.A.H. #57 north to 143rd Lane N.W. F ' The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction Qf the remaining Stage I Improvements and their timely completion. The ' financial guari ntee shall be in the amount of Thirty Seven Thousand Five Hundred Dollars and no cents $37,500.00), which amount is 125% of the City Engineer's estimated cost of ' the Stage I Improvements. The financial guarantee required by this paragraph shall be in the form of cash or a Letter of Credit, approved as to form by the CITY. The financial guarantee required by this paragraph shall be deposited with the CITY at the time of ' execution of this contract. Upon total completion of Stage I Improvements, acceptance by the CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a ' total reduction in the amount of the Letter of Credit upon providing a maintenance guarantee. 11. Stage I Im` r ve Financial Guarantee. In addition to the financial guai�ntee required by Paragraph 10 above, the DEVELOPER shall also post a Stage I improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prig to release by the CITY of the fnancial'guarantee required by Paragraph 8 above. The $0,000 maintenance guarantee shall be held by the CITY for a one (1) year ' period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage improvements have been constructed in accordance with city standards and may be called (upon at the CITY'S discretion during said one (1) year period if the CITY ' determines it ecessary to repair and/or replace any of the Stage I improvements. Said ' financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. 1 igs