Agenda - Council - 03/23/1993 - Laserfiche WebLink

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The DEVEL()PER agrees to pay all costs associated with the installation of sanitary sewer, water, and storm water systems necessary to provide service to the development v,'ith the exception of those elements which are required to be oversized to enhance the overall performance of the system or to provide extra depth to service future upstream service areas. Eight inch (g") watermain and eight inch (8") sanitary sev,,er are considered to be normal sizes for providing lateral service. The DEVELOPER agrees to bear the entire cost of full width street improvements along 150th Lane N.W. from the plat boundaD' and along Fluorine Street N.W. from 149th Lane N.W. The DEVELOPER'S share of the total estimated cost of the Stage ! Improvements is deposit shall be in the amount of (, ) or Dollars ($ ). Therefore, the cash Dollars Dollars ($ ) 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 specifications approved by the CITY, and that the special assessments are paid as required herein. Because of the need to guarantee the payment of the special assessments, the escrow shall be retained for the five (5) 3'ear payment 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 original cash requirement. Stage I Imr~rovemen( M_ainten,"tnce Financial Guarantee. In addition to the financial guarantee required by Paragraph 9 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 Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Para~aph 8 above. The $10,000 maintenance guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. This financial guarantee is for the purpose of ensuring 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 determines 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. ]0. Estimated Costs. It is understood and agreed that construction cost amounts set forth in this A~eement as Stage I and Stage II Improvements, unless specified as fixed amounts,