Agenda - Council - 03/22/1994 - Laserfiche WebLink

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Requireknents DEVELOPERS After Street Surfacing. After the street surfacing is installed, the shall clear any soil, earth, or debris from the su'eets and from the lots within the Plat resulting from any construction on the Subject Property by the DEVELOPER or their successors and assigns. Stave_ I !m~rovements~ _ Completion Date. The Improvement completion date shall be on or I~fore September 30, 1994. Stage I ilmDrovemen! Financial Guarantee. The DEVELOPER agrees and understarids that the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as mended 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 installati{)n of sewer and water and other facilities and that the DEVELOPER shall provide 4 financial guarantee to the CITY to provide for the actual consu-uction and installation of the required Stage I improvements within a per/od specified by the City Council. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The financial guarantee: shall be in the amount of One Hundred Thousand Dollars and no/cents ($100,00~.00), which mount is 125% of the City En~neer's estimated cost of the Stage I Improvem_ ents. The financial guarantee required by this parag-raph shall be in the form of cash or aiLener of Credit, approved as to form by the CITY. The financial guarantee requJ_red Dy this paragraph shall be deposited with the CITY at the rime of execution of th.is contract. !Upon total completion of Stage I Improvements and payment of all outstanding escrow account balances, and acceptance by the CITY, supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the amount of the Letter of Credit upSn providing a maintenance guarantee. Satisfaction of Sewer and Water Trunk Charo~es. As stated in the preamble of this a~ee~'nent, the DEVELOPOER is responsible for sewer and water trunk charges of $1,415.0Q per residential unit or a total of Eighteen Thousand Three Hundred Ninety Five Dollars arid no cents ($18,395.00).