Agenda - Council Work Session - 08/13/2013

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paid to the City on a date at or around thirty (30) days prior to the installation of the signals. The Developer and City recognize the exact date of installation may vary by several days as a result of circumstances outside of the City's control. Section 7.3 Trailhead/Tot Lot Provided all construction work and improvements to be performed by the Developer and necessary in order for the City to proceed has been completed, the City shall construct a tot lot park with playground equipment not later than July 1, 2014 on the southeast corner of the Anoka Nature Preserve. ARTICLE VIII Performance Guarantees, Financial Requirements, Plat Recordine Section 8.1. Developer's Improvements. The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer for the installation and construction of all Developer's Improvements identified in Parts A and B of Article IV, and obligations identified in Article V. Section 8.2. Guarantees. The Developer shall provide to the City cash in the amount of $145,687 to be placed in escrow prior to the Commencement of Construction. The Developer shall also provide at the same time to the City, $38,000 in cash to be placed in escrow for City engineering, administration, and inspection costs. On or before November 30, 2013, the Developer shall provide the City a cash escrow or letter of credit in the amount of 1.25x the cost of any remaining Developer Improvements required in this agreement not yet completed. This amount shall include but not be limited to grading, tree removal, sanitary sewer, watermain, storm sewer, streets, sidewalks, street lights, bank restoration, landscaping, and monument placement. The developer shall provide a breakdown of the remaining costs of work to be completed. The City will allow reductions in the letter of credit or cash escrow upon work being completed and approved by the City. After the letter of credit or cash escrow is received, the original $145,687 in cash provided to the City will be placed in escrow for payment towards the intersection improvements in Section 7.2. Section 8.3. Park Dedication. The Developer shall pay in the amount of $107,140 in park dedication prior to recording of the final plat. Section 8.4. Final Plat Recording. The City shall record the final plat once the City has received the letter of credit required to be submitted by November 30, 2013 and all park dedication fees required in Section 8.3. The City has the right to hold recording of the final plat until these have been received. Section 8.5. City Maintained Improvements. Upon the City's written final acceptance of the City maintained improvements lying within the public easements or right-of-way, to occur upon acceptance of such improvements, a two year warranty bond shall be provided to the City by the Developer based on 25% of the final construction costs for Developer's Improvements identified in Part B of Article IV unless otherwise directed by the City Engineer. 13