Agenda - Council - 12/19/1989 - Laserfiche WebLink

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DEVELOPMENT AGREEMENT - SORTEBERG'S 6T~ ADDITION 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 cf 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 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 Sixty Six Thousand Five Hundred and 00/100 Dollars ($66,500.00), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements that remain to be completed. 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. The financial guarantee required by this Paragraph 4 shall be in the form cf a Letter cf Credit approved as ~o form by the CiTY and shall be deposited with the CITY prior to recording of the Final Plat. St&qe I Improvement 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 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 the date of its deposit. This financial 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. Re¢ordinq of Contract. The DEVELOPER agrees that this Development Agreement shall be recorded in the office of the Anoka County Recorder and agrees that the terms and provisions of this Agreement shall be a covenant on any