Agenda - Council - 09/08/1981 - Laserfiche WebLink

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I I I I I I I I I I i I I I I Drainage and Street Construction in Flintwood Hills II Addition, Ramsey" dated March 18, 1981, as amended, and subject to the provisions of paragraph 4. below. 3. The estimated cost of the improvement described in paragraph 2(a) is $212,700.00. The estimated cost of the improvement described in paragraph 2(b) is $ The Developer hereby agrees to provide forthwith a performance bond for the improv~ent described in paragraph 2(a) pursuant to C~ty ordinance in the amount of $319,000.00; and further agrees to provide, after October 1, 1982, and subject to the provisions of paragraph 4. below, a performance bond for the improv~nent described in paragraph 2(b) pursuant to city ordinance in the amount of $ ; which said performance bond(s) shall guarantee that the Developer complies with all of the requirements as set forth aforesaid and the installation of all of said Lmprovements in a good and workmanshiplike manner, pursuant to the plans and specifications and requirements of the City Engineer. Such performance bond(s) shall be procured from a corporate bonding company licensed to transact business in the State of Minnesota and named on the 1980 Revised list of "Surety Companies Acceptable on Federal Bonds" as published in the U.S. Treasury Department Circular Number 570. 4. In the event the City has, prior to October 1, 1982, adopted a schedule for the installation of a sanitary sewer project to service the lots contained in said plat, which said schedule contemplates the installation of said system on or before October 1, 1985, then Developer shall not be required to complete the improvement described in paragraph 2.(b), above, nor shall Developer be required to provide a performance bond for such improvement; it being understood that in such event the costs for all street construction in addition to the requirements of paragraph 2. (a), above, shall be assessed by the City to the lots contained in said plat. -3-