Agenda - Council - 08/10/2004 - Laserfiche WebLink

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Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 5 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 $40,000), 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 finan~cial guarantee is for the purpose of ensuring that the Stage I Improvements have been constructed in accordance with Ciw 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 Thousdand Dollars and no cents ($10,000). Payment of Sewer and Water Trunk Charges. The required sewer and water trunk charges were paid as part of Alpine Acres first phase. The following restates the agreement made between the CITY and the DEVERLOPER regarding payment of sewer and water truck charges: The estimated cost to extend sewer and water to the SUBJECT PROPERTY is $$] 7, 780. 00. The CITY 'herein agrees to t~articipate in the costs associated with extending sewer and water to the SUBJECT PROPERTY in the amount of $309,991 dollars and the DEVELOEPR will be responsible for the remaining costs associated with extending CITY services to the SUBJECT PROPERTf( The DEI/ELOPER will be reimbursed $309,99I dollars, upon the CITY receiving a copy of invoice establishing completion of wor]~ and the CITY inspecting and accepting said sewer and water improvements. Based on this agreement, the DEVELOPER will not be required to pay. Sewer and Water Tr~mk fees for the Alpine Acres develol~ment and subsequent phases of the Plat as referenced in the Phasing Plan dated dune ]9, 2003. The DEVELOPER will be reimbursed for anv trunk charges collected by the CITY for any development within the "triangle" bounded by CR 57, CSAH 5, and Alpine Drive that occurs through January I, 2010. 10. Stormwater Management Fee. The current Stormwater Managen-tent Fee is $375.00 per unit. Stormwater management fee obligations for the third phase is Twenty Two Thousand Eight Hundred Seventy Five Dollars and no cents ($22,875) (61 x $375): SECTION ti STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES 11. Stage II Improvements Required. The Stage II Improvements which the CITY requires the DEVELOPER to construct within the Plat are as follows: a) Street striping and signing b) Traffic signing c) Street lights d) Street light maintenance e) Street sweeping Alpine Acres Subdivision Development Agreement Page 4 of 12 -315-