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

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4. Stage I ImP~'ovements Required/Phasing Plan. The improvements the CITY requires the DEVELOPER to construct within the Plat are as follows: a. Thtnk and lateral sanitary sewer system b. T~unk and lateral watermains and appurtenances c. S~eets with concrete curb and gutter d. T~unk and lateral storm drainage facilities e. ~Lj~t grading and permanent erosion control f. N[atural gas . .h. T~lephone service i. Electric service j. S~eet lights (installment arranged by CITY during Stage I Improvements and p~d for by DEVELOPER as Stage II Improvement) ("Stage I ~.Jmprovements") [ The DE~ELOPER agrees to construct the Stage I Improvements in accordance with the terms an~ conditions of this a~eement and in accordance with the DEVELOPERS' plans sul~rnitted to the City. Said plans shall be in conformance with the Final Grading Plan pre~ared by Passe Engineering, Inc., d~at, ed October 2, 2002, revision date April 17, 2003; C<~nstruction Plans, Sheet C1 (4/17/0.~) C2 (6/11/03), C3(6/5/03), C4, C5 C6, C7, C8 and ~ (4/29/03), also prepared by Passe Engineering, Inc. The construction plans are subject1~ the City Engineer's review and approval prior to commencement of construct!on. 5. Stage I Improvements Completion Date. The Stage I.Improvements shall be completed on or before Oc~ber 31, 2003. 6. Stage I Imp~o'vement Financial Guarantee.. The DEVEL~OPER shall provide a financial guarantee to ~the CITY guaranteeing the construction of the Stage I Improvements and their timely comp~tion. The financial guarantee shall be in the amount of Seven Hundred Forty Three Thous~md Seven Hundred Fifty Dollars and no cents ($743,750.00), which amount is 125% of th{ 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 ~o form by the CITY. The terms of any letter of credit shall ifi~clude a i O-day notice perio4. The financial guarantee shall be deposited with the CITY at the time of execution of~this agreement. From time to time as requested by the DEVELOPER, the CITY will ?eview and amend the amount of fmancial guarantee based on the work completed, iUpon total completion of Stage I Improvements (including the removal of "temporary" [erosion control measures as identified in the approved Grading Plan) and acceptance b~ the CITY, the DEVELOPER may request a further reduction in the amount of the finandial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has be[n deposited. Development Agreement/Wildlife Sanctuary 3p~ Addition Page 3 of 12 -197-