Agenda - Council - 07/27/2004 - Laserfiche WebLink

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services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Required Improvements, which equates to Four Thousand One Hundred Eighty Seven Dollars ($4,187.00) (5% x $83,750). Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. 11. Stage I Improvement Maintenance Financial Guarantee: In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee 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 6 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements (5% x $83,750), whichever is greater. Said 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 constructed and installed 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. The maintenance guarantee shall be in the amount of Ten Thousand Dollars ($10,000). 12. Payment of Sewer and Water Trunk Charges. The DEVELOPER shall pay sewer and water trunk charges of $10,339,00 per acre or a total of Twelve Thousand Seven Hundred Sixteen Dollars and no cents ($12,716.00) (1.23 x $10,339.00) and said charges are due at the CITY prior to release of the building permit. 13. Stormwater Management Fee. The current Stormwater Management Fee is $3,741.00 per acre. Therefbre, there is a stormwater management fee obligation in the amount of Four Thousand Six Hundred One and no Cents ($4,601.00 x 1.23 acres). SECTION II PERMITS AND OCCUPANCY 14. Requirements for Building Permits. No building permit for the Plat shall be issued until: (a) a Class 5 driving surface is installed to within 300 feet of the structure; (b) all the financial guarantees required by the CITY have been satisfied; (c) the City has been provided with a copy of the Lower Rum River Water Management Permit; (d) this Development I~ermit is executed. (e) The Plat of Town Center 4th Addition has been recorded at Anoka County Recorders Ofrice. 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 fi'om the applicable agency. Ramsey Town Center 4th Addition NAU/Sharp and Associates Development Permit Page 5 of 10