Agenda - Council - 06/11/1991 - Laserfiche WebLink

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P.U.D. City Code Comnliance. That the DEVELOPER will develop the Plat in accordance with thc City Code, Section 9.20.31, entitled "Planned Unit Development." Conformance with Plan· The P.U.D. shall be developed pursuant to the "FINAL PLAT FOR THE PLANNED UNIT DEVELOPMENT OF HUNTERS RIDGE ADDITION" consisting of three (3) sheets, prepared by Lot Surveys Company, Inc. entitled Hunter's Ride and received by the CITY on May 22, 1991. Said Final Plat is attached hereto and incorporated herein as if fully set forth at this point. II. STAGE 1. IMPROVEMENTS _Compliance with City Code. That the recitals above and the provisions of the City Charier, Subdivision Code, Zoning Code and Public Improvement Code of the CITY as amended to date hereof, are incorporated herein by reference. ~;tage I Imnrovements Reauired. The DEVELOPER agrees to construct the required Stage I Improvements according to the terms and conditions of this contract and in accordance with DEVELOPER'S plans submitted to the CITY. Said plans consist of four sheets dated October 31, 1989 with subsequent undated revisions as received by the City on May 23, 1991. The above is subject to modifications identified in the City Engineer's review letter dated June 4, 1991 which is appended to this agreement as Appendix A. Stage 1 Improvements - Completion Date. The Improvement completion date shall be on or before August 31, 1992. Stage 1 Improvement Financial Guarantee· The DEVELOPER agrees and understands that the CITY has the right, 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 of 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 I 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 $200,000.00, which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this Paragraph 6 shall be in the form of a Letter of Credit approved as to form by the CITY. The financial guarantee required by this Paragraph 6 shall be deposited with the CITY at the time of execution of this contract. Upon total completion of Stage I Improvements, acceptance by CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the amount of the Letter of Credit upon providing a maintenance guarantee. DEVELOPMENT AGREEMENT - HUNTERS RIDGE ADDITION Page 2 of 6