Agenda - Council - 05/11/1993 - Laserfiche WebLink

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7. The Improvement completion date shall Stage 1 lmpr~yements Comr~letion Date. be on or before September 1, 1993. Stage I Improvement Financial Guarantee. The DEVELOPER agrees and understands that the CITY has the right, pr/vilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as mended 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 are to be graded or improved., and the installation of sewer and water and other facilities and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual construction and installation of the required Stage ii Improvements within a period specified by the City Council. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage t Improvements and their timely completion. The financial guarantee shall be in the amount of Thirty Five Thousand Dollars and no/cents ($~5,000.00), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this paragraph shall be in the form of cash or a Letter of Credit, approved as to form by the CITY. The financial guarantee required by this paragraph shall be depositecl with the CITY at the rime of execution of this contract Upon total completion of Stage I Improvements, acceptance by the CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the mount of the Letter of Credit upon providJ.ng a maintenance guarantee. Satisf~lc/ion of Sewer an0 Water Trunk Charee$, The subdivision will create seven (7) single family parcels for which payment of sewer and water trur& charges must be satisfied in the amount of One Thousand Four Hundred Fifteen Dollars and no/cents each. The DEVELOPER agrees to pay Nhae Thousand Nine Hundred Five Dollars and no/cents ($9,905.00) prior to release of the Plat by the CITY for recording as complete payment for the trunk charges. 10. Staee I Imvrovement Maintenance Financial Guarantee, In addition to the f'mancial guarantee required by Parag-raph 8 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 Paragraph 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