Agenda - Council - 09/14/1993 - Laserfiche WebLink

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10. 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 period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I improvements have been consu'ucted 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. Reconciliation of Sewer And Water Charges. The DEVELOPERpaid a special assessment in the amount of $38,342.97 under Improvement Project #87-27 to cover the cost of having sewer and water facilities extended to the Juniper Woods subdivision. This assessment was in addition to the standard sewer and water trunk assessment which was assessed against the Juniper Woods and Juniper Woods 2nd Addition subdivisions under improvement Project #89-14. The CITY has entered into an agreement with the developers of the Amber Ridge subdivision which allows for the collection of these lateral benefit charges. The DEVELOPER agrees to pay the standard n-unk charge of $1,415.00 per residential unit for each of the twenty-nine (29) lots created in the Juniper Woods 3rd Addition subdivision. The CITY agrees to credit the DEVELOPER the Thirty. Eight Thousand Three Hundred Forty Two Dollars and 97/100 ($38,342.97) received in lateral benefit payment from the developers of the Amber Ridge subdivision. The DEVELOPER agrees to saris~, the remaining amount due of Two Thousand Six Hundred Ninety Two Dollars and 03/100 ($2,269.03) in cash at the rime the plat is released by the CITY for recording. II. STAGE 1-[ IMPROVEMEN'rs AND FINANCIAL GUARANTEES: 11. Street Cleaning, From rime to time, the CTFY may remove acc-mulations of soil, earth and debris from the streets resulting from the construction of the Plat. It shall be the DEVELOPER'S responsibiliD' to pay the costs'associated with this necessary street cleaning. Invoices fi-om the CITY to DEVELOPER for such costs shall be paid w/thin fifteen (15) days of the date of invoice. " I I I I I I I I I I I I I I I I I i I