Agenda - Council - 10/28/2003 - Laserfiche WebLink

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required by this para~aph shall be in the form of cash or a letter of credit, approved as to form by the CITY. The financial guarantee shall be deposited with the CITY at the time of execution of th/s agreement. Upon total completion of Stage I Improvements (including the removal of "temporal" erosion control measures), acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER may request a release of the financial guarantee. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the Ci~ related to the installation of Stage I Improvements. The DEVELOPER shall make a cash deposit _into the appropriate escrow account at the City '.and the City, shall have the authority to" draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements or Five Hundred Dollars and no cents ($500.00) (5% x $ t 0,000.00). Upon completion of the Improvements to the satisfaction of the Ci~, any surplus, balance remaining in the City's escrow account shall be refunded to the DEVELOPER. ~* Payment of Sewer and Water Trunk and Lateral Charges. The sanitaw sewer and murficipal water necessaw to service these lots are currently in place within the right-of- way of 149th Avenue N.W. The DEVELOPER shall pay sewer and water trunk charges of One Thousand Eight Hundred Sixty Two Dollars and no cents ($1,862.00) per lot for each of the three (3) lots in the Plat, or a total of Five Thousand Five Hundred Eighty Six Dollars and no cents ($5,586.00). In addition, the DEVELOPER shall pay a lateral connection charge of Three Thousand Two Hundred Dollars and no cents ($3,200.00) for sanitaw sewer and Seven Thousand One Hundred Twenty Two Dollars and no cents ($7,122.00) for murficipaI water per lot, or a total of Thirty Thousand Nine Hundred Sixty Six Dollars and no cents ($30,966.00) ($3,200.00 + $7,122.00 x 3). The DEVELOPER shall be credited back the cost of installing the necessaw lateral service to the three (3) lots against the lateral connection fee. The creditable cost reimbursed shall include the connection of the laterals to the main, the cost of laterals and appurtenances up to the northerly right-of-way of 149th Avenue N.W., and street restoration costs. The reimbursement for these charges shall be made upon submitt.al of an itemized billing of the costs together with proof of payment to the installing contractor. The City shall review and approve the itemized costs prior to making reimbursement. Stormwater Management Fee. The CITY has enacted a Stormwater Management Fee in the amount of Three Hundred Seventy Five Dollars and no cents ($375.00) per new lot created. A cash payment in the amount of Seven Hundred and Fifty Dollars and no cents ($750.00) (2 lots x $375.00) is due at the CITY prior to releasing the Plat for recording. The existing homestead is exempt from the stormwater management fee. SECTION II STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES 10. Stage II Improvements Required. There are no Stage II Improvements associated with the development of this Plat. -158-