Agenda - Council - 04/13/2004 - Laserfiche WebLink

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eliminate erosion; and (3) An "as built" survey of the final grading has been completed which documents compliance with the approved grading plan. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the City related to the installation of Stage I Improvements. The DEVELOPER shall make a cash deposit into the appropriate escrow account at the City and the City shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements of Eight Hundred Thirteen Thousand Three Hundred Seventy Six Dollars and no cents ($813,376) (5% x $40,700). Upon completion of the improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. o Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I hnprovement 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 6 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements (5% x $745,376), whichever is greater. Said 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. The maintenance guarantee shall be in the amount of Thirty Seven Thousand Three Hundred Dollars and no cents ($37,300). Payment of Sewer and Water Trunk Charges. The required sewer and water trunk charges were paid as part of Alpine Acres first phase. The following restates the agreement made between the CITY and the DEVERLOPER regarding payment of sewer and water truck charges: The estimated cost to extend sewer and water to the SUBJECT PROPERTY is $817, 780.00. The CITY herein agrees to participate in the costs associated with extending sewer and water to the SUBJECT PROPERTY in the amount of $309,991 dollars and the DEVELOEPR will be responsible for the remaining costs associated with extending CITY services to the ~gUBJECT PROPERTK The DEVELOPER will be reimbursed $309,991 dollars, upon the CITY receiving a copy of invoice establishing completion of work and the CITY inspecting and accepting said sewer and water improvements. Based on this agreement, the DEVELOPER will not be required to pay Sewer and Water Trunk fees for the Alpine Acres development and subsequent phases of the Plat aa' referenced in the Phasing Plan dated June 19, 2003. The DEVELOPER will be reimbursed for any trunk charges collected by the CITY for any development within the "triangle" bounded by CR 57, CSAH 5, and Alpine Drive that occurs through January 1, 2010. 10. Stormwater Management Fee. The current Stormwater Management Fee is $375.00 per unit. Stormwater management fee obligations for the second phase is Eighteen Thousand Dollars and no cents ($18,000) (48 x $375). Alpine Acres Subdivision Development Agreement Page 4 of 12