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I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />5 <br /> <br />9. <br /> <br /> 11. <br /> <br />ear~ and gutter and storm sewer, exclusive of the westernmost 350 feet extending <br />from the intersection of Ramsey Blvd. N.W. and T.H. #10 to the future entrance to <br />the!County Park. <br /> <br />Ph~es II and m of Rivcrdalc Drive arc shown on thc approved final plat as Outlot <br />D. [The DEVELOPER hereby agrees to deed this outlot to the CITY, upon a <br />written request, at no expense to the CITY. The purpose of Outlot D is to facilitate <br />the future extension of Riverd_ale Drive N.W. <br /> <br />.Credit to Developers. Upon satisfactory completion of Items 4 and 17 as <br />i:de.t~rmined by the City Engineer, the CITY shall credit the Rivenwick <br />DE~VELOPERS in the amount of $58,000.00 against future developer costs from <br />i the ~City. <br /> <br />Botilevard and Area Restoration. The DEVELOPER shall be responsible <br />~ for ihe cost of establishing seed or sod in all boulevards within thirty (30) days of <br />i' the ~ompletion of the street improvements, and restore all other areas disturbed by <br />ithe ~evelopment grading operation in accordance with the approved erosion and <br />:sediment control plan. <br /> <br />;Re~iuircments after Street Surfacine. After the street surfacing is installed, <br />the DEVELOPERS shall clear any soil, earth, or debris from the streets and from <br />the lots within the Plat resulting from any construction on the Subject Property by <br />!the DEVELOPERS or their successors and assigns. <br /> . ~ <br /> <br />stai~e 1 Improvements - Completion Date. The Improvement completion <br />:da~-shall be on or before December 31, 1993. <br /> <br />Stage I lmnrovement Financial Guarantee. The DEVELOPERS agree <br />and[understand that the CITY has the right, privilege and authority pursuant to <br />Min?esota Statutes Chapter 462.358 and as amended as a condition precedent to the <br />;appgoval of the plans and specifications and approval of a final plat, to prescribe <br />:r~qt~irements and the extent to which, and the manner in which the streets are to be <br />:gr~. ~ed or improved, and the installation of sewer and water and other facilities and <br />.that[the DEVELOPERS shall provide a financial guarantee to the CITY to <br />prO4ide for the actual construction and installation of the required Stage I <br />Imp!rovements within a period specified by the City Council. <br /> <br /> The [DEVELOPERS shall provide a financial guarantee to the CITY guaranteeing <br /> the 0onstmction of the Stage I Improvements and their timely completion. The <br /> financial guarantee shall be in the amount of Six Hundred Sixty One Thousand <br /> Sevan Hundred Seventy Five Dollars ($661,775.00), which amount is 125% of the <br /> C~ty! Engineer s estimated cost of the Stage I Improvements. The financial <br /> guarantee required by this Paragraph shall be in the form of a Letter of Credit, with <br /> a maturity date of February 28, 1994, approved as to form by the CITY. The <br /> f'ma/~, cial guarantee required by this Paragraph shall be deposited with the CITY at <br /> the .~ime of execution of this contract. Upon total completion of Stage I <br /> Improvements, acceptance by CITY, and supported by lien waiver, the <br /> DEyELOPERS can request (in writing) a total reduction in the amount of the <br /> Lett0r of Credit upon providing a maintenance guarantee. <br /> <br /> Sta~;_e I Improvement Maintenance Financial Guarantee. In addition to <br /> thelftnancial guarantee required above, the DEVELOPERS shall also post a Stage <br /> I Im~Srovement maintenance guarantee with the CITY. Said maintenance guarantee <br /> <br /> <br />