Laserfiche WebLink
9. The HOA and City Of Anoka shall enter into an ongoing maintenance agreement for any <br />private rain gardens. HOA shall be responsible for maintenance; however City can <br />enforce the agreement. <br />10. The HOA and City of Anoka shall enter into an ongoing maintenance agreement for any <br />stormwater facilities not within public right-of-way. The HOA shall be responsible for <br />on -going maintenance; however City can enforce agreement. <br />11. City will install a dock system with one public dock, and six slips to be leased to the <br />general public. <br />12. City shall install playground equipment as part of a trailhead to the Anoka Nature <br />Preserve with use of park dedication funds. Installation of the equipment shall be done <br />by July 1, 2014. <br />13. City will design and construct a new intersection at 41st Avenue and CSAH 116. The <br />approximate cost of the intersection will be $506,000 with the city contributing $253,000. <br />The intersection will be constructed this fall, and the signalized light installed in the <br />spring of 2014. <br />14. The City shall have the right to repurchase the property if the developer fails to start work <br />by June 1, 2014. <br />15. In the event the development fails, the development agreement, construction plans, and <br />all approvals shall survive a transfer to a new developer or bank. This guarantees the <br />quality of development expected by the City. <br />Performance Guarantee Structure <br />8/6 (or shortly <br />after) Begin <br />grading <br />8/29 +/- <br />Closing <br />9/16 +/- <br />Utility and <br />Street Work <br />11/31 (or <br />prior) <br />Recording of <br />Final Plat and <br />Issue Building <br />Permits <br />Early Start coverage is in place and project is insured against mechanics liens. <br />$145,687 in cash (1/3rd of grading expense) placed with City in escrow for <br />grading. <br />$38,000 in cash (2% of construction costs) placed with City in escrow for City <br />Engineering, Admin & Inspection <br />$440,000 ($10,000 per lot) in cash paid to the City at closing of the property <br />Grading is completed. Large utility work to begin. City retains grading escrow. <br />City Engineering, Admin, & Inspection escrow is evaluated for possible <br />additional deposit. <br />$145,687 grading escrow is retained by City and converted to initial payment <br />for "stoplight contribution" <br />$311,317 letter of credit provided to City for 1.25X outstanding improvements <br />(see attached) <br />$107,140 paid to City for Park Dedication Fees <br />Final plat is filed and building permits can be issued <br />