Agenda - Council - 07/11/1995 - Laserfiche WebLink

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10. 11. 12. Staee 1 lmorovements - Completion Date. The Improvement completion d~te-shall be-on or before Novemter 15, 1995. Siaee. 1 lmorovement Financial Guarantee. The DEVELOPER agrees a0d-understafids that the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to the a~proval of the plans and specifications and approval of a final plat, to prescribe rdfluirements and the extent to which, and the manner in which the streets are to be ~aded or improved, the installation of other facilities, and the removal of debris a0d that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual construction, installation of the required Stage I Ivhprovements, and removal of debris within a period specified by the City Council. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing ~e construction of the Stage I Improvements and their timely completion. The financial guarantee shall be in the amount of Thirty Eight Thousand Seven Hundred Fifty Dollars and no cents ($38,750.00), which amount is 125% of the City E,hgineer's estimated cost of the Stage I Improvements. The financial guarantee rCtuired 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 P~agraph shall be deposited with the CITY at the time of execution of this ctntract. Upon total completion of Stage I Improvements, acceptance by CITY, add supported by lien waiver, the DEVELOPER can request (in writing) a total r~duction in the amount of the Letter of Credit upon providing a maintenance guarantee. The CITY agrees to allow a reduction in the Letter of Credit for any improvements installed by the DEVELOPER and accepted by the CITY. St~aee I lmt~rovement Maintenance Financial Guarantee. In addition to tl2e ~inancial -guarantee required above, the DEVELOPER shall also post a Stage I Irfiprovement maintenance guarantee with the CITY. Said maintenance guarantee sl~all be deposited with the CITY at the time the Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required a§ove. The $10,000 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 pgrpose of insuring that the Stage I Improvements have been constructed in aclcordance with CITY standards and may be called upon at the CITY'S discretion dtiring said one (1) year period if the CITY deems it necessary to repair and/or ro.~lace 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. II. STAGE II IMPROVEMENTS Street Cleaning. From time to time, the CITY may remove accumulations of sdil, earth and debris from the streets resulting from the construction of the Plat. It shall be the DEVELOPER'S responsibility to pay the costs associated with this ne~cessary stxeet cleaning. Invoices from the CITY to DEVELOPER for such costs shall be paid within fifteen (15) days of the date of invoice. Sfreet/Traffic Signs and Seal Coating. The CITY will install in the Plat as S~,age II Improvements, street/traffic signs and street seal coating. The D,EVELOPER will pay to the CITY an amount equal to 100% of the City E,ngineer's estimated construction cost of the items prior to recording of the final plat. The cost of these items is as follows: