Agenda - Council - 05/25/1993 - Laserfiche WebLink

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herein, and that the DEVELOPERS 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 DEVELOPERS, including the payment of all special assessments, are satisfied. The DEVELOPERS agree 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 provide extra depth to service future upstream service areas. Eight inch (8") watermain and eight inch (8") sanitary sewer are considered to be normal sizes for providing lateral service. The DEVELOPERS agree to pay the full cost of the construction of Xldmo Street N.W. under the assessments which shall be levied for this development. The DEVELOPERS shall receive a credit for the oversizing of Xkimo Street N.W. as defined by current City policy and for the construction of a five foot concrete sidewalk along Xkimo Street N.W. and east along 142nd Avenue N.W. to River's Bend Park. This credit will be applied on future developments under which the extension of Xkimo Street N.W. will be financed with MSA funds. The DEVELOPER'S share of the total estimated cost of the Stage I Improvements is One Hundred Forty Six Thoudand Dollars and no cents ($146,000.00). Therefore, the cash deposit shall be in the amount of Twenty One Thousand Nine Hundred Dollars and no cents ($21,900.00) or Twenty Nine Thousand Dollars and no cents ($29,000.00) 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 wiI1 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) year 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 Iml~rQvement Maintenance Financial Guarantee, In addition to the financial guarantee required by Paragraph 9 above,'the DEVELOPERS 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