Agenda - Council - 07/26/1994 - Laserfiche WebLink

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10. Reauiremenls Afler Street Surfacing. After the street surfacing is installed, the DEVELOPERS shall clear any soil, earth, or debris from the streets and from the lots within the Plat resulting from any construction on the Subject Property by the DEVELOPER or their successors and assigns. Stage I lmnrovements Completion Dale, The Improvement completion date shall be on or before November 15, 1994. Stage I tmr~rovement Financial Gt,arantee, 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 provide for the actual construction and installation of the required Stage I Improvements within a period 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 and Fifty Thoudand Dollars and no/cents ($150,000.00), which amount is 125% of the City Engineer'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 Credit, 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 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 upon providing a maintenance guarantee. .Stage I Improvement Maintenance Financial Guarantee, In addition to the financial guarantee required by Paragraph 8 above, the DEVELOPER shall also post a Stage I improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Parag-raph 8 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 ma), be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessary to repair and/or replace 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. .Satisfaction of' Sewer and Waler. T.ru.nk. Charges. This subdivision has been previously assessed for sewer and water trunk charges under City Improvement Projects ~,<91-13 and ~<)1-14. II. STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES: