Agenda - Council - 08/25/1992 - Laserfiche WebLink

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10. 11. 12. I3. the lots within the Plat resulting from any construction on the Subject Property by the DEVELOPERS or their successors and assigns. Stage I Improvements - Comnletion Date. The Improvement completion date shall be on or before June 1, i993. Stage 1 Imnrovement 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 mended 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 Ninety Eight Thousand Four Hundred Dollars and no/100 ($98,400.00), which amount is 125% of the City Engineer's estimated' cost of the Stage I Improvements. The costs covered by this financial guarantee shall include the development costs of both Phase I and Phase II of the Plat. The financial guarantee required by this Paragraph shall be in the form of a Letter of Credit approved as to form by the CITY. The Letter of Credit shall have an expiration date no earlier than December 31, 1994. The financial guarantee required by this Paragraph 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. The CITY agrees to allow a reduction in the Letter of Credit for any improvements installed by the DEVELOPER and accepted by the CITY. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by 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 above. The $10,000 maintenance guarantee shall be held by the CITY for a one (I) 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 financial guarantee shall be in the form of a Letter of Credit, approved as to form by the CITY. II. STAGE II IMPROVEMENTS Street Cleaning. From time to time, the CITY may remove accumulations of soil, earth and debris from the streets resulting from the construction of the Plat. It shall be the DEVELOPER'S responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY to DEVELOPER for such I I I I I I I I I I I I I I I