Agenda - Council - 09/24/1991 - Laserfiche WebLink

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10. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the Stage I Improvements and their timely completion. The cost of said Stage I Improvements are estimated to be as follows: Grubbing, clearing and rough grading Storm sewer improvements Class V gravel street base Bituminous street wear course $130,000.00 $ 27,000.00 $ 14,200.00 $ 35,100.00 The DEVELOPER agrees to pay one-hundred and twenty-five percent (125%) of the above estimated costs for any improvements not installed and accepted by the City at the time the DEVELOPER wishes the CITY to release the plat for recording. The financial guarantee shall be in the form of a letter of credit approved as to form by the CITY and shall be deposited with the CITY at the time of execution of this contract. Sta e I Imnrovement Maintenance Financial Guarantee. In addition to the ~:inancial guarantee required by Paragraph. 6 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 6 above. The $10,000 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 f'mancial guarantee shall be in the form of a Letter of Credit, approved as to form by the CITY. Recording 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 and all deeds relative to the property included in the Plat. ViQlation of 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 credit, the full amount of the letter of credit. III. STAGE II IMPROVEMENTS: Reo_uirenlents after Street Surfacine. After the 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, its successors or assigns agree to complete all 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. DEVELOPMENT AGREEMENT - NORTHFORK POINT ADDITION Page 3 of 6