Agenda - Council - 07/27/1993 - Laserfiche WebLink

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Stage I Imr}rovement Financial Guarantee. The DEVELOPER agrees and understands that the CITY has the fight, privilege 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 the installation of sewer and water and other facihties shall be installed 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 Three Thousand Dollars and no/cents ($3,000.00), 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 deposited with the CITY at the time 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 amount of the financial guarantee upon providing a maintenance guarantee. Sewer and Water Trunk Charges. It is City policy to collect a standard sewer and water trunk fee from each lot created which has availability to City sewer and water. This fee for Lot 2, Block 1 was satisfied by the DEVELOPER with the development of Chestnut Hill. The DEVELOPER agrees to provide a cash contribution for the new lot created in the amount of One Thousand Four Hundred Fifteen Dollars and no/cents ($1,415.00). II. STAGE lq IMPROVEMENTS 10. Street (~leanin~. From time to time, the CITY may remove accumulations of soil, earth and debris from the streets resulting from the construction of the Plat. It shall be the DEVELOPER'S responsibility to pay the cbsts.::associated with this necessary street cleaning. Invoices from the CITY to DEVELOPER. for such costs shall be paid withkn fifteen (15) days of the date of invoice. .