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Subdivision - Design Standards § 9.50.30 <br /> <br /> street lights, curb and gutter and storm sewer improvements <br /> required by this section and, in such event, such <br /> owner/subdivider shall comply with the: requirements of this <br /> section. City participation shall be as determined by the Council <br /> pursuant to a performance conu:act. The Council shall, on a case <br /> by case basis, determine infrastructure impact on areas outside <br /> the subdivision.. City required oversizing of infrastructure <br /> beyond the appropriate standard residential or commercial <br /> equivalent shall be eligible for funding by the City. Source of <br /> City funding shall not be' a determinate of f'mancial participation. <br />b. Installation by City. All Stage I improvements shall'be <br /> planned, designed, inspected and/or approved by the City <br /> Engineer. The administrative charges of the City in connection <br /> with such improvements shall be included in the costs <br /> determined in §9.50.50 Subd. 3. <br /> <br />c. Minimum Escrow Requirements for Stage I <br /> Improvements. For City awarded improvements, the <br /> owner/subdivider shall make a cash deposit with the City <br /> Finance Department in a minimum amount equal to 15% of the <br /> City Engineer's estimated cost of installing the Stage I <br /> Development improvements described in §9.50.50 Subd. 3b <br /> above. In lieu of this cash deposit, the owner/subdivider may <br /> file a financial guarantee approved by the City in a minimum <br /> amount equal to 20% of the City Engineer's estimated cost of the <br /> Stage I Development improvements. The decision on whether a <br /> cash escrow or financial guarantee will be used for this escrow <br /> requirement will be made by the Council on a case by case basis. <br />d. For non-City awarded improvements, the owner/subdi;qider <br /> shall deposit with .the City Finance Department a financial <br /> guarantee approved by the City, equal to 125% of the total cost <br /> of such improvements as estimated by the City Engineer, <br /> including the billable estimated expense of the City for <br /> engineering, legal, fiscal, administrative and other expenses <br /> incurred by the City in connection with the making of such <br /> improvements. On a monthly basis as the project progresses, <br /> the City Engineer shall estimate the amount of work completed <br /> and recommend to the Council the amount of funds to be <br /> released to the subdivider. <br /> <br />e. There shall be an escrow agreement which shall provide that in <br /> the event the required improvements are not completed within <br /> one year, all amounts held under the escrow agreement shall be <br /> automatically turned over and delivered to the City and applied <br /> by the City to the cost of completing the required improvements. <br /> If the funds available within said escrow 'are not sufficient to <br /> complete the required improvements, the necessary additional <br /> cost to the 'City shall be assessed against the subdivision. Any <br /> balance remaining in the escrow fund after such improvements <br /> have been made and all expenses therefore have been paid shall <br /> be returned to the subdivider. In instances where a letter of <br /> credit is used in lieu of a cash escrow, said letter of credit shall <br /> be in a form satisfactory to the City and the terms thereof shall <br /> <br /> <br />