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

Home

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. ~10. Estimated Costs. It is understood and agreed that consumcfion cost amounts set forth in this Agreement as Stage I and Stage II Improvements, unless specified as fixed amounts, are estimated. The DEVELOPERS agree to pay the entire cost of said improvements including interest, fiscal engineering and legal charges. Satisfaction of Sewer and Water Trunk Charues, Iris specifically noted that the Subject Property has been previously assessed for sewer and water trunk charges under CITY improvement projects 84-12, 84--18, and 85-2. The collective number of residential equivalent charges (RECs) levied to date on this development and previous developments, which include River's Bend Addition, River's Bend 2nd Addition, River's Bend Plaza Addition, River's Bend Plaza 3rd Addition, and Oxbow Addition, are in excess of the number of RECs which have resulted from the actual development realized in the aforementioned platted subdivisions combined with the total anticipated development in River's Bend 3rd Addition and future additions to the approved preliminary plat of River's Bend 3rd Addition. Based upon the projected land use associated with the River's Bend 3rd Addition Preliminary Plat, it is estimated based upon the attached Exhibit A that the DEVELOPERS of these aforementioned lands will have been assessed ~ more R_ECs than have been realized by actual development~ The CITY therefore requires no additional lrunk charges upon the Subject Property. In addition, the CITY agrees to prepare a comprehensive accounting of the trunk charges actually assessed and collected on the aforementioned subdivisions following the final platting of all of the lands associated with the aforementioned assessments. The result of that accounting shall be an equitable adjustment of the REC charges based upon the actual 12. Date For Sutmlging Financial Guarantee. The DEVELOPERS agree to supply the f'mancial guarantee as described above to the CITY prior to the CITY ordering preparation of the plans and specifications for construction of the Stage I Improvements.