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

Home

462.358 and as amended 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 be graded or improved, and the water, sewer, and other utility mains, piping, or other facilities shall be installed and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for thc actual construction and installation of the required Stage I Improvements and all other obligations of DEVELOPER provided for herein within a period specified by the City Council. Said financial guarantee shall provide that the CITY possess the statutory power to enforce such financial guarantee by all appropriate and legal remedies. The financial guarantee shall be satisfied by the DEVELOPER depositing cash with the CITY as follows: In addition to that required by paragraph four (4), the DEVELOPER shall deposit with the CITY cash in an amount equal to fifteen percent (15%) of the total cost of the project. In lieu of this cash deposit, the DEVELOPER may file an irrevocable Letter of Credit or some other form of financial guarantee acceptable to the CITY in a minimum amount equal to twenty percent (20%) of the total cost of the project. This financial guarantee, in addition to those purposes described above, shall assure the CITY that the improvements required herein will be actually constructed and installed according to the specifications approved by the CITY, that the special assessments are paid as required herein, and that the DEVELOPER will fulfill all obligations set forth in this Agreement. Because of the need to guarantee the payment of the special assessments, the escrow shall be retained until all obligations of the DEVELOPER, including the payment of all special assessments, are satisfied. The DEVELOPER agrees to pay all costs associated with the installation of sanitary sewer, water, and storm water systems necessary to provide service to the development with the exception of those elements which are required to be oversized to enhance the overall performance of the system or to ~rovide extra depth to service future upstream service areas. Eight inch (8") watermain and eight inch (8") sanitary sewer is considered to be normal sizes for providing lateral service. The DEVELOPER'S share of the total estimated cost of the Stage I Improvements is Three Hundred Thirty Nine Thousand Dollars ($339,000.00). Therefore, the cash deposit shall be in the amount of Fifty Thousand Eight Hundred Fifty Dollars ($50,850.00) or Sixty Seven Thousand Eight Hundred Dollars ($67,800.00) with any other form of financial guarantee. This financial guarantee, in addition to those purposes described above, shall assure the CITY that the improvements required herein will be actually constructed and installed according to