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

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11. 12. 13. :ImlJrovements within a period specified by the City Council. DEyELOPERS A and B shall provide a financial guarantee to the CITY !gua!'anteeing the construction of the Stage I Improvements and their timely icon~Pletion. The financial guarantee shall be in the amount of Six Hundred Sixty i On~ Thousan_,d Five Hundred Dollars ($661,500.00), which amount is 125% of the i City~ Engineer s estimated cost of the Stage I Improvements, and said amount being iProt;ated by developer pursuant to Schedule A, attached hereto. The financial iguapmtee required by this Paragraph shall be in the form of a Letter of Credit, with ~a m~.' turity date of February 28, 1994, approved as to form by the CITY. The :fina~l~ cial guarantee required by this Paragraph shall be deposited with the CITY at ;:th¢Itime of execution of this contract. Upon total completion of Stage I Improvements, acceptance by CITY, and supported by lien waiver, DE,I/ELOPERS A and B can request (in writing) a total reduction in the amount -of tile Letter of Credit upon providing a maintenance guarantee. ~Stai~e I Imnrovement Maintenance Financial Gllarante¢. In addition to ~ithe Financial- guarantee required above, the DEVELOPERS A and B shall also poSSprorata Stage I Improvement maintenance guarantee with the CITY. Said ;maihtenance guarantee shall be deposited with the CITY at the time the Stage I iml~ovements are accepted by the CITY and prior to release by the CITY of the i finahcial guarantee required above. The $10,000 maintenance guarantee shall be ':heir by the CITY for a one (1) year period from the date of completion of Stage I ;Im rovements. This financial guarantee is for the purpose of insuring that the '.St~ e 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 IIm r°vements. Said financial guarantee shall be in the form of a Letter of Credit, !app}oved as to form by the CITY. II. STAGE II IMPROVEMENTS i~Str~t Cleaning. From time to time, the CITY may remove accumulations of ~soilf :arth and debris from the streets resulting from the construction of the Plat. It :sha] be the responsibility of DEVELOPERS A and B to pay the costs associated ;witi this necessary street cleaning. Invoices from the CITY to DEVELOPERS for: ach costs shall be paid within fifteen (15) days of the date of invoice. . iStr~ ,et/Traffic Signs and Seal Coating. The CITY will install in the Plat, as ~St~ e II Improvements street/traffic signs, street lights and street seal coating. Str :et lights shall be installed by Anoka Electric Cooperative in locations as ;det0rmined by the City Engineer. The DEVELOPERS will pay to the CITY an ~_amc[unt equal to 100% of the City Engineer's estimated construction cost of the ~ite~s prior to recording of the final Plat. The DEVELOPERS shall also deposit ~an~ount that is determined by the CITY to be adequate to aid in the operation and :maihtenance of the street lights for the first 3 years. The CITY will bill residents ~in t,~e Plat at least quarterly for street light maintenance and operation costs; billings will~ be initiated at the time of connection to municipal water and sanitary sewer. Thelcost of these items will be distributed to the DEVELOPERS as follows: