Agenda - Council - 09/28/1993 - Laserfiche WebLink

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I I I I I I I I I i I I I I I I I I I 7. 8. 9. grading operation in accordance with the approved erosion and sediment control plan. The DEVELOPER shall also be responsible for the cost of cleaning any soil, earth or debris from the wetlands within and adjacent to this Plat resulting from grading performed in the development of the land. Requirements After Street Surfacing. After the street surfacing is installed, the DEVELOPERS shall clear any 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. Stage I Improvements Completion Date. The Improvement completion date shall be on or before May 4, 1994. Stage I Im_~rovement Financial Guarantee. The DEVELOPER agrees and understands that the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended 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 Two Hundred Thirty Five Thousand Dollars and no cents ($235,000.00), 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, payment of all outstanding escrow account balances, and acceptance by the CITY, supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in the amount of the Letter of Credit upon providing a maintenance guarantee', ~tage I Imt)rgvement Maintenance Financial Guarantee, In addition to the