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

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10. DEVELOPMENT AGREEMENT - SORTEBERG'S 6TM ADDITION and all deeds relative to the property included in the Plat. Violation cf Contract. The DEVELOPER agrees that the terms of the financial guarantee shall be deemed to have been violated if the DEVELOPER fails to perform any of the terms of this Agreement 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 crediu, the full amount of the letter of credit. Staqe I Improvements Approval. The DEVELOPER agrees that it will not sell, rent, or otherwise cause to be occupied, any premises constructed upon prcperty ~ithin the Plat until the CITY has approved the constru~cn ~ the Stage I Improvements covered by this Development Agreement, unless the CITY has agreed in writing to waive this requirement as to a specific lot. II STAGE II IMPROVEMENTS: Requirements after str~'~{ ~r~inc. Afu~'~he 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, i~$-~u~cessors or assighs agree to complete ail 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 and septic system permits (if applicable) 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 Siqns, Street Liqhts and Seal Coatinq. The CITY will install in the Plat, as Stage II Improvements street/traffic signs, street lights and street seal coating. DEVELOPER will pay to the CITY an amount equal to 100% of the City Engineer's estimated construction cost of the items prior to recording of the final Plat. The total cost of these items is Seven Thousand Three Hundred and 00/100 Dollars ($7,300.00). The street lights will be installed by the CITY at the intersection of Rabbit Street N.W. and 173rd Avenue N.W. and the intersection of Puma Street N.W and 173rd N.W, respectively. The specific amount for each of the Stage II Improvements is as follows: