Agenda - Council - 06/11/1992 - Laserfiche WebLink

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DEV~LQPER, i will fulfill all obligations set forth in this Agreement. Because of the need to gua]raritCe the payment of the special assessments, the escrow shall be retained until all obliga[tion~ of the DEVELOPER, including the payment of all special assessments, are satiSfi!ed, i The DE~ELOPER agrees to pay all costs associated with the installation of sanitary seWe~ water, and storm water systems necessary to provide service to the development with [he exception of those elements which are required to be oversized to enhance the overa!l performance of the system or to provide extra depth to service future upstream service areCs. Eight inch (8") watermain and eight inch (8") sanitary sewer is considered to be nO~,~mal ~izes for providing lateral service. The DEVELOPER agrees to bear the entire cost°~' full width street improvements along the entire length of Fluorine Street N.W. and 1-49th ILan.'e N.W., to the eastern boundary of Lot 5 of Block 1. The DEVELOPER'S share Df the total estimated cost of the Stage I Improvements is Fifty Thousand Dollars ($50,000.0~)). Therefore, the cash deposit shall be in the amount of Seven Thousand Five Hund~d Dollars ($7,500.00) or Ten Thousand Dollars ($10,000.00) with any other form of financial guarantee. This financial guarantee, in addition to those purposes described abovei sh~ll assure the CITY that the improvements required herein will be actually constrgcted~ and installed according to specifications approved by the CITY, and that the spec|a! assessments are paid as required herein. Because of the need to guarantee the payment : the special assessments, the escrow shall be retained for the five (5) year paym .tint term of the assessments, or earlier date and lesser amount at such time that outstanding special assessments and all other developer obligations are less than the ongma) cas~h requirement. 10. E~stirnated iCosts. It is understood and agreed that construction cost amounts set forth in this Al~reer~ent as Stage I and Stage II Improvements, unless specified as fixed amounts, are estimated.~ ., The DEVELOPER agrees to pay the entire cost of said improvements includiDg iqterest, fiscal engineering and legal charges. 11. Diat.e, For, ~Sul~plving Financial Guarantee. The DEVELOPER agrees to supply the finiancigl guarantee as described above to the CITY prior to the CITY ordering preparation [of the plans and specifications for construction of the Stage I Improvements. II, STA~GE'.II IMPROVEMENTS AND FINANCIAL GUARANTEES: