Agenda - Council - 06/14/1994 - Laserfiche WebLink

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The DEVELOPER is also responsible for the sewer and water trunk charges for the 1.16 acre commercial parcel (Lot 1, Block 4). The sanitary sewer mud water trunk charges for industrial and commercial property are $2,563.00 and $5,704.00 per acre respectively. Thus, thc trunk charge for this single commercial lot is $9,590.00. Thus the total trunk charges for the 33 single family units and the one commercial lot is FffU' Nine Thousand One Hundred Eighty Nine Dollars and no cents ($59,189.00). Thus, any net mount due to the CITY by the DEVELOPER after the above credits are calculated shall be paid within fifteen (15) days of billing. Failure to pay the net amount due within the fifteen (15) days will permit the CITY to draw upon any of the escrows required. Any net amount due the DEVELOPER shall be credited towards the cost of sewer and water munk charges in subsequent phases of this development. 11. Stage I Imprg_v. ement Financial Guarantee, The DEVELOPER agrees and understands 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 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 installation of sewer and water and other facilities and that the DEVELOPER shall provide a financial guarantee to the CITY to pr0~'ide for the actual consumcfion and installation of the required Stage I Improvements within a period specified by the City Council. The Stage I Improvements shall include the 8 foot wide bituminous trail to be constructed within the County right-of-way, parallel to C.S.A.H. #116, from the intersection of C.S.A.H. #116 and C.S.A.I-I. #57 east to Tungsten Street N.W. 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 Four Hundred Twelve Thousand and Five Hundred Dollars and no cents ($412,500.00), which amount is 125% of the City En~neer's estimated cost of the Stage I Improvements. ,The financial guarantee required by this paragraph shall be in the form of cash or a Letter of Cred/t, approved as to form by 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 the CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the amount of the Letter of