Agenda - Council - 09/26/1989 - Laserfiche WebLink

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DEVELOPMENT CONTRACT - NORTHFORK THIRD 10. financial guarantee required by Paragraph 4 above. The $10,000.00 maintenance guarantee shall be held by the CITY for a one (1) year period from lhe date of ils deposit. This financia~ guarantee is for the purpose of insuring that the Stage I Improvements have been constructed in accordance with CITY standards and may be called upon at the CITY's discretion during said one (1) year period if the CITY deems 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. Recording of Contract. The DEVELOPER agrees that this Development Contract shall be recorded in the office of the Anoka County Recorder and agrees that the terms and provisions of this Contract shall be a covenant on any and all deeds relative to the properly included in the Plat. Vi~ljHi~n of Contract. The DEVELOPER agrees that the terms of the financial guarantee shall be deemed to have been violated if the DEVELOPER falls to pedorm any of the terms of this Contract in the manner required by the CITY and the CITY shall be entitled to recover from the DEVELOPER or the issuer of DEVELOPER's letter of credit, the full amount of the letter of credit. Sta~e I lmprgvements Approval. The DEVELOPER agrees that it will not sell, rent, or otherwise cause to be occupied, any premises constructed upon property within the Plat until the CITY has approved the construction of the Stage I Improvements covered by this Development Contract, unless the CITY has agreed in writing to waive this requirement as to a specific lot. I!. STAGE II IMPROVEMENTS: Reo_uirements after Street Surfacina. After the street surfacing is installed, the DEVELOPER 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 its successors and assigns. The DEVELOPER, its successors or assigns agree to complete all finished grading and swales and ditches to the satisfaction of the City Engineer and to maintain said grading, swales and ditches until certificates of occupancy are issued for all lots within the Plat. During this period the DEVELOPER shall prevent erosion by wind and water to the satisfaction of the City Engineer. Street/Traffic Sion and Seal Coatino Reo. uired. The CITY will install in the Plat, as Stage II Improvements street/traffic signs and street seal coating. DEVELOPER will pay to the CITY an amount equal 1o 100% of the City Engineer's estimated construction cost of these items prior to recording of the final Plat, which amount is Four Thousand Three Hundred and 0/100 Dollars ($4,300.00)