Agenda - Council - 05/14/1991 - Laserfiche WebLink

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DEVELOPMENT AGREEMENT- WINDEMERE WOODS Said financial guaranty shall provide that the City possess the statutor57 power to enforce such financial guaranty by all appropriate and legal remedies. The financial guaranty shall be in the form of a letter of credit as follows: The developer shall provide the City, in a form acceptable to the City, a letter of credit in an amount equal to twenty percent (20%) of the total cost of the Public Improvements to be specially assessed against the Subject Property. The letter of credit, in addition to guaranteeing the Developer's performance of this Agreement, shall guarantee that all levied special assessments pertaining to the Subject Property will be paid at or before the time a Certificate of Occupancy is issued for a residence within the Plat. The total cost of the Public Improvements to be specially assessed against the Subject Property is estimated to be $343,032. Therefore, the letter of credit shall be in the estimated amount of $68,606. This financial guaranty shall assure the City that the Stage I Improvement required herein w~ll be actually constructed and installed according to specifications approved by the City, and that the special assessments are paid as required herein. Because of the need to guarantee the payment of the special assessments, the letter of credit shall be effective and in force for the payment term of the assessments, which term is five (5) years. 9. Estimated Costs. It is understood and agreed that construction cost amounts set forth in-this Agreement as Stage I Improvements, are estimated, unless indicated otherwise. The Developer agrees to pay the entire actual costs of said improvements including interest, fiscal engineering and legal charges. 10. Date for Supplying Financial Guaranty. The Developer agrees to supply the financial guaranty referenced in paragraph 8 herein upon execution of this Agreement. 11. Violation of This Agreement. The Developer agrees that the terms of the financial guaranty 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 credit, the full amount of the letter of credit. In addition, a late charge fee of 10% of any special assessment payment de]inc~uent by more than thirty (30) days shall be required for late payments. Said 10% shall be paid to the Improvement Bond fund established by the City. STAGE H IMPROVEMENTS AND FINANCIAL GUARANTEES 12. Street Cleaning. After the street surfacing is installed in the Plat, the Developer shall clear any soil, earth, or debris from the streets and from the lots within the Plat resulting from construction on the Subject Property by the Developer or its successors and assigns. The Developer, its successors or assigns 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 I I I I I I I I I I