Agenda - Council - 08/11/2015 - Laserfiche WebLink

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($388,216.00), which is equal to 150% of the City's estimated cost of the Required Improvements. Prior to the issuance of the building permit, all fmancial guarantees must be provided as required herein. Within ten (10) days after the full certificate of occupancy is issued for the Subject Property, such financial guarantee shall be returned to the Permittee and the Permittee shall be required to provide the landscaping maintenance guarantee described in Paragraph 13 of this Development Agreement. The determination of completion of the construction of the Required Improvements shall be made by the City. In the event the Permittee fails to construct and install the Required Improvements as required herein in all material respects, within the timeframe provided herein (except due to acts of god or other causes outside the control of Permittee), the City Council may order the completion of the Required Improvements with City day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Only the City Council shall have the authority to direct completion of the Required Improvements and withdraw from the escrow account. The Permittee hereby grants permission and a license to the City and/or its contractors and assigns to enter upon the Subject Property for the purpose of completing the construction and installation of the Required Improvements in the event of the Permittee's default and its failure to cure any such default within 30 days after its receipt of written notice thereof. 10. Inspection Fees. The Permittee shall be responsible for all inspection costs incurred by the City related to the installation of Required Improvements. The Permittee shall make a cash deposit into the appropriate escrow account at the City and the City shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Required Improvements, which equates to Twelve Thousand Nine Hundred Forty Dollars and No Cents ($12,940.00) (5% x $258,811.00). Upon completion of the Required Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be promptly refunded to the Permittee. 11. Payment of Development Fees. The Permittee must pay to the City the fees described on Exhibit A which may include, but are not limited to, Park Land Dedication Fees, Trail Development Fees, Sanitary Sewer Connection (Trunk) Fees, Water Connection (Trunk) Fees, Sanitary Sewer Lateral Fees, Water Lateral Fees, Stormwater Management Fees, Street Light as well as Street Light Operation and Maintenance Fees. SECTION II PERMITS AND OCCUPANCY 12. Requirements for Building Permits. No building permit for any lot on the Subject Property shall be issued until: (a) a Class 5 driving surface is installed to within 300 feet of the structure; (b) Site Plan approval is granted by the City and any expense incurred in giving Site Plan approval has been reimbursed to the City; (c) the Building Official has been provided with a copy of the approved Site Plan, signed by a registered architect or surveyor, showing all dimensions to scale; (d) the Plat has been recorded at Anoka County Property Records or the City has been provided assurances in its sole discretion that the Plat will be recorded prior to commencement of construction on the Subject Property, (e) a Lower Rum River Watershed Management Organization Permit has been obtained. In addition, the City reserves the right to suspend all building activities upon the City being notified by an outside agency that the appropriate permit(s) was not obtained from the applicable agency. Approval of the building foundation requires a certificate of elevation signed by a licensed (State of Minnesota), professional land surveyor, verifying that the elevation with the approved grading plan for the Subject Property. Foundation approvals will require a certificate of elevation verifying that the Sunwood Village Development Agreement Page 3 of 10