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

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Requirements After Street Surfacing. After the sn'eet surfacing is installed, the DEVELOPERS shall clear an>, soil, earth, or debris from the streets and from the lots within the Plat resulting from any construction on the Subject Property by the DEVELOPER or their successors and assigns. Staee I lm,rovements Completion Date. be on or before October 31, 1993. The Improvement completion date shall Stage I Imnrovement Financial Guarantee. The DEVELOPER agrees and understands that the CITY has the fight, 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 I 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 I Improvements and their timely completion. The financial guarantee shall be in the amount of Eighty One Thousand Dollars and no cents ($81,000.00), which amount is I25% of the City Engineer's estimated cost of the Stage I Improvements. The f'mancial 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 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 providing a maintenance guarantee. Staee I Imprgv~ment Moint¢.non¢¢ Financial Guarantee, In add/fion to the £mancial guarantee required by Paragraph 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 t 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) 3,ear per/od from the date of/ts deposit. This financial guarantee is for the purpose of ensuring