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

Home

DEVELOPMENT CONTRACT - NATURE VIEW improvements, except for those Stage II Improvements constructed by the CITY· NOW, THEREFORE, the CITY and DEVELOPER agree as follows: "STAGE 1" IMPROVEMENTS: Com.Dliance with City Code. That the recitals above and the provisions of the City Charter, Subdivision Code, Zoning Code and Public Improvement Code of the CITY as amended to date hereo~, are incorporated herein by reference. Staae I Im_Drovements Reauired. The DEVELOPER agrees to construct the required Stage I Improvements according to the term sand conditions of this contract and in accordance with DEVELOPER's plans submitted to the CITY and approved by the City Engineer. Said plans consist of~ sheets, are dated , and are drawn by The Stage I Improvements required to be constructed are those as shown on the above referenced plans. The plans are attached hereto and incorporated herein and are hereinafter referred to as "Stage I .Improvements." o Steae I Im.~rovement Financial Guarantee. The Stage I Improvements shall be completed on or before October 1, 1990. St~e I Improvement Finencial Guarantee. The DEVELOPER agrees and understands that the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to the approval of the plans and specifications and approval of a final plat, to prescribe requirements and the extent to which, and the manner in which the streets are to be graded or improved, and the installation of other facilities and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual construction and installation of the required Stage I Improvements within a period specified by the City Council. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The financial guarantee shall be in the amount of Ninety. Five Thousand and 0/100 Dollars ($95,000.00). Said amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this Paragraph 4 shall be in the form of a Letter of Credit approved as to form by the CITY and shall be deposited with the CiTY prior to recording of the Final Plat. ~;ta_qe I Improve...ment Maintenance Financial Guarantee. in addition to the financial guarantee required by Paragraph 4 above, the DEVELOPER shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time the Stage I Improvements are accepted by the CITY and prior to release by the CITY of the