Agenda - Council - 04/27/1993 - Laserfiche WebLink

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Council. The DEVELOPERS shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The financial guarantee shall be in the amount of Seven Hundred Fifty Thousand Dollars and no/cents ($750,000.00), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this paragraph shall be in the form of cash or a Letter of Credit, approved as to form by the CITY. The financial guarantee required by this paragraph shall be deposited with the CITY at the time of execution of this contract. Upon total completion of Stage I Improvements, acceptance by the CITY, and supported by lien waiver, the DEVELOPERS can request (in writing) a total reduction in the amount of the Letter of Credit upon providing a maintenance guarantee. 12. Salisfaclion of Sewer and Waler Trunk Charges. As stated in the preamble of this agreement, the DEVELOPER is responsible for a sewer and water trunk charge of $1,415.00 per residential unit or a total of One Hundred Seventy Four Thousand Forty Five Dollars and no/cents ($174,045.00) on the 123 lots created by this development. In addition, an agreement dated April 24, 1990 between the CITY and Albin Peterson created a commitment on the part of the landowner to pat, water and sewer lateral utility benefits and fire hydrant benefits realized from the installation of water and sewer utilities on Waco Street between 150th Avenue N.W. and 149th Avenue N.W. The amount of this benefit was estimated in the agreement to be Thirty One Thousand Eight Hundred Dollars and no/cents ($31,800.00). It is a~eed that a review of the actual costs be conducted and that the actual lateral benefit cost replace the aforementioned estimate. The total estimated cost for the sanitary sewer and water trunk charges are estimated to be Two Hundred Five Thousand Eight Hundred Fort), Five Dollars and no/cents ($205,845.00).. The DEVELOPER hereby agrees to satisfy the commitment of the above referenced a~eement by this amount to the trunk fees. The DEVELOPER may satisfy a portion of the total trunk fees due by causing the construction of trunk sewer main to the subdivision. The amount of such credit will be the costs associated with the extension of a twelve (12) inch sanitary sewer from its current eastern terminus approximately 400 feet east of the intersection of Fluorine Street on 149th Lane N.W., eastward along 149th Lane N.W. to T.H. #47, thence southward along T.H. #47 to the boundary of the subject subdivision property. The unit prices associated with said trunk sewer extension are not currently available at the time of this agreement.