Laserfiche WebLink
S~aqe I Improvements - Completion Date. The Improvement <br />completion date shall be on or before SeptemDer 1, 1990. <br /> <br />Staqe I Improvement Financial Guarantee. The DEVELOPER <br />agrees and understands that the CITY has the right, <br />privilege and authority pursuant to Minnesota Statutes <br />Chapter 462.358 and as amended as a condition precedent <br />to the approval of the plans and specifications and <br />approval of a final plat, to prescribe requirements and <br />the extent to which, and the manner in which the streets <br />are to be graded or improved, and the installation of <br />other facilities and that the DEVELOPER shall provide a <br />financial guarantee to the CITY to provide for the ac%ual <br />construction and installation of the required Stage I <br />Improvements within a period specified by the city <br />Council. <br /> <br />The DEVELOPER shall provide a financial guarantee to the <br />CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. The financial <br />guarantee shall be in the amount of Eight Thousand Six <br />Hundred and 00/100 Dollars ($8,600.00), which amount is <br />125% of the City Engineer's estimated cost of the State <br />I Improvements. The financial guarantee required by this <br />Paragraph 4 shall be in the form of a Letter of Credit <br />approved as to form by the CITY. The financial guarantee. <br />required by this Paragraph 4 shall be deposited with the <br />CITY at the time of execution of this contract. <br /> <br />Upon completion of Stage I Improvements acceptance by <br />CITY, and supported by lien waiver, the DEVELOPER can <br />request (in writing) a partial reduction in the amount <br />of the Letter of Credit <br /> <br />StaGe I Improvement Maintenance Financial Guarantee. In <br /> <br />addition to the financial guarantee required by Paragraph <br />4 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said <br />maintenance guarantee shall be deposited with the CITY <br />at the time the Stage I Improvements are accepted by the <br />CITY and prior to release by the CITY cf the financial <br />guarantee required by Paragraph 4 above. The $10,000.00 <br />maintenance cuarantee~ shall be held by the CITY ~-~ a one <br />(!) year period from the date of its deDcslt. ~ ~ <br />financial guarantee is for the purpose of ~ ~ <br /> . _nsu.~ng that <br />the Stage i improvements have been ccnstruc%ed in <br />accordance with CITY standards and may be called upon at <br />the CITY's discretion during said one (~)~ year period ~= <br /> <br /> <br />