Agenda - Council - 01/25/1994 - Laserfiche WebLink

Home

Minnemta Sutures Chapter ~2.35g and as amended ~ a condition precedent to the approval of the plans and spe, cificadons and approval of a final plat., to prescribe requi.mments and the extent to which, and thc manner in which thc streets are to lac graded or improved, and that thc DEVELOPER shall provide a fmanciM guarantee to thc CITY to provide for the actual construction and installation of the required Stage I Improvements within a period specified by the City Council. Thc DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The £mancial guarantee shall be in the amount of One Hundred Twenty Six Thousand Seven Hundred Fifty Dollars and no cents ($126,750.00), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The form and issuer of the the financial guarantee shall be subject to the approval of 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 CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the amount of the Financial guarantee upon providing a maintenance guarantee. Stage J Improyt~ment Maintenance Financial Guarantee. In addition to the financial guarantee required by the Paragraph above, the DEVELOPER shill also post a Stage I L,-nprovement maintenance guarantee with the CITY. Said maintenance guarantee shall 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 by the Paragraph above. 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 purpose of ensuring that the Stage I 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 deems it necessary to repair and/or replace any of the Stage I Improvements. The form and issuer of said financial guarantee shall be subject to the approval of the CITY, 10. 1i. II. STAGE II IMPROVEMENTS Street Cleaning, From time to time, the CITY may remove accumulations of soil, 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 necessary street cleaning. Invoices from the CITY to DEVELOPER for such costs shall be paid within fifteen (15) days of the date of invoice. Stree//Traffic Signs, Street Lights and Seal Coating. The CITY will install in the Plat, as Stage 12 Improvements street/traffic signs, street Lights and street seal coating. Street lights will be installed by Anoka Electric Cooperative in locations as determined by the City Engineer. The DEVELOPER will pay to the CITY an ~rnount equal to 100% of the CiD, Engineer's est/mated cost of these items prior to recording of the final Pla:. The DEVELOPER shall also deposit an amount that is determined by the CITY to be adequate to aid in the operation and maintenance of the street lights for the first 3 >,ears. The estimated cost of these items is as follows: