Agenda - Council - 11/12/2013 - Laserfiche WebLink

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improvements without additional requirements of the City. h. The improvements for Zeolite Street NW shall be constructed as required by the Plat of Ramsey Town Center 3rd Addition within the platted right-of-way dedicated to the public in the Plat of Ramsey Town Center Addition, except for a portion of the temporary cul-de-sac that is located in Outlot M, Ramsey Town Center Addition. Outlot M is owned by the Master Developer and the Secondary Developer agrees to provide the City with a temporary road easement from the Master Developer until Civic Center Drive is constructed. The Master Developer shall provide this, temporary road easement to the City prior to the issuance of any building permits in the Plat. The City authorizes construction of Zeolite Street N.W. notwithstanding Section 7,8 of the Master Development Agreement. i. Secondary Developer shall complete the Required Improvements —Site Plan on or before June 1, 2006. Secondary Developer shall complete the Stage I Improvements —Plat on or before June 1, 2006. The Secondary Developer may, however, request an extension of time from the City. If an extension is granted, it shall be conditioned upon updating the security posted by the Secondary Developer to reflect cost increases, if any. 4. Required Improvements —Site Plan Financial Guarantee. The Secondary Developer shall provide a financial guarantee to the City guaranteeing the construction of the Required Improvements — Site Plan and their timely completion. The financial guarantee shall be in the total amount of One Million Two Hundred Ninety -Three Thousand Four Hundred Twenty -Two and and no/100 Dollars ($1,293,422.00), which amount is one hundred fifty percent (150%) of the City Engineer's estimated cost of the Required Improvements —Site Plan. The financial guarantee required by this paragraph shall be in the form of cash or a letter of credit, approved as to form by the City. The financial guarantee shall be deposited with the City prior to the issuance of any building permit. Upon the request of Secondary Developer, the financial guarantee may be released in partial amounts related to that portion of the Stage I Improvements —Plat substantially completed. Upon total completion of the construction of the Required Improvements --Site Plan, the financial guarantee shall be returned to the Secondary Developer and the Secondary Developer shall be required to provide the maintenance guarantee required in Paragraph 8 and the landscaping guarantee required in Paragraph 19. The determination of completion of construction shall be made by the City Engineer. 5. Stage I Improvements —Plat Financial Guarantee. The Secondary Developer shall provide a financial guarantee to the City guaranteeing the construction of the Stage I Improvements —Plat and their timely completion. The financial guarantee shall be in the total amount of Five Hundred Seventy Thousand and no/100 Dollars ($570,000.00), which amount is one hundred twenty-five percent (125%) of the City Engineer's estimated cost of the Stage I Improvements —Plat. The financial guarantee required by this paragraph shall be in the form of cash or a letter of credit, approved as to form by the City. The financial guarantee shall be deposited with the City prior to releasing the Plat for recording. Upon the request of Secondary Developer, the financial guarantee may be released in partial amounts related to that portion of the Stage I Improvements —Plat substantially completed. Upon total completion of the Ramsey Town Center 3rd Addition Development Contract Page 5 of 17 Pages