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

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' remaininj obligations of the DEVELOPER. 8. Developer'si Financial Guarantee, The DEVELOPER agrees and understands that ' the CITY his 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 tAe manner in which the streets be graded or improved, and the water, sewer, ' and other #lity mains, piping, or other facilities shall be installed and that the DEVELOPIR shall provide a financial guarantee to the CITY to provide for the actual ' construction &nd installation of the required Stage I Improvements and all other obligations of DEVEL4ER provided for herein within a period specified by the City Council. I Said financia; guarantee shall provide that the CITY possess the statutory power to enforce such financial guarantee by all appropriate and legal remedies. The DEVELOPER shall I deposit with �he CITY, cash in an amount equal to fifteen percent (15 %) of the total cost of the project. )fir► 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 equall to twenty percent (20 %) of the total cost of the project. This financial guarantee, infaddition to those purposes described above, shall assure the CITY that the ' improvements required herein will be actually constructed and installed according to the specification approved by the CITY, that the special assessments are paid as required herein, and tl{at 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 ufitil all obligations of the DEVELOPER, including the payment of all special F assessments, satisfied. ' The DEVELOPER agrees to pay all costs associated with the installation of sanitary sewer and water systems necessary to provide service to the development with the exception of khose 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 1 ao 1 CITY miy pursue any other remedy for enforcement of such obligations or collection ' for the casts incurred by the CITY in connection therewith, and is under no obligation to apply the financial guarantee to any one or number of obligations as long as the CITY determines that there is a reasonable basis for believing that the dollars remaininf in the financial guarantee may be needed to assure compliance with other ' remaininj obligations of the DEVELOPER. 8. Developer'si Financial Guarantee, The DEVELOPER agrees and understands that ' the CITY his 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 tAe manner in which the streets be graded or improved, and the water, sewer, ' and other #lity mains, piping, or other facilities shall be installed and that the DEVELOPIR shall provide a financial guarantee to the CITY to provide for the actual ' construction &nd installation of the required Stage I Improvements and all other obligations of DEVEL4ER provided for herein within a period specified by the City Council. I Said financia; guarantee shall provide that the CITY possess the statutory power to enforce such financial guarantee by all appropriate and legal remedies. The DEVELOPER shall I deposit with �he CITY, cash in an amount equal to fifteen percent (15 %) of the total cost of the project. )fir► 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 equall to twenty percent (20 %) of the total cost of the project. This financial guarantee, infaddition to those purposes described above, shall assure the CITY that the ' improvements required herein will be actually constructed and installed according to the specification approved by the CITY, that the special assessments are paid as required herein, and tl{at 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 ufitil all obligations of the DEVELOPER, including the payment of all special F assessments, satisfied. ' The DEVELOPER agrees to pay all costs associated with the installation of sanitary sewer and water systems necessary to provide service to the development with the exception of khose 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 1 ao 1