Agenda - Council - 10/08/1991 - Laserfiche WebLink

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I I I I ! I I 10. 11. The DEVELOPERS 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 DEVELOPERS can request (in writing) a total reduction in the amount of the Letter of Credit upon providing a maintenance guarantee. Stage I Imnrovement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPERS 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 (I) year period from the date &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 financial guarantee shall be in the form of a Letter of Credit, approved as to form by the CITY. Recording of Contract. The DEVELOPERS agree 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. Violation of Contract. The DEVELOPERS agree that the terms of the financial guarantee shall be deemed to have been violated if the DEVELOPERS fail 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 DEVELOPERS or the issuer of DEVELOPERS' letter of credit, the full amount of the letter of credit. III. STAGE II IMPROVEMENTS: Requirements after Street Surfacing. After the street surfacing is installed, the DEVELOPERS shall clear any soil, earth, or debris from the streets and from the lots within the Plat resulting from any consu-uction on the Subject Property by the DEVELOPERS or their successors and assigns. The DEVELOPERS, their 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 (ff applicable) are issued for all lots within the Plat. During this period the DEVELOPERS shall prevent erosion by wind and water to the satisfaction of the City Engineer. l~e&t.tlggli.0~. DEVELOPERS shall restore all disturbed street right-of-way areas, including ditches, grading, backslopes and establish tuff by seeding of the ditch areas. Said restoration to include such additional items as the City Engineer may direct. DEVELOPMENT AGREEMENT - HUNTERS RIDGE ADDITION Page 3 of 7