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

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!0. 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 tt~e 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 $56,200), whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (I) 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 in accordance with City standards and may be called upon at the CITY'S discretion during said one (1) year period ir'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 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 $817,7,~0.00. The CITY herein agrees to participate in the costs associated with ex}ending sewer and water to the SUBJECT PROPERTY in the amount of $309,99] dollars and the DEVELOEPR will be responsible for the remaining costs associated with extending CITY services to the SUBJECT PROPERTY. The DEVELOPER will be reimbursed $309,99] dollars, upon the CITY receiving a cop), of invoice establishing completion of work and the CITY inspecting and accepting said sewer and water improvements. Based on this agreemerit, the DEVELOPER will not be required to pay.' Sewer and. I4/ater Trunk fees for the Alpine Acres development and subsequent phases of the Plat as referenced in the Phasing Plan dated dune i9, 2003. The DEVELOPER will be reimbursed for any trunk charges collected by the CITYJbr any development within the "triangle" bounded b3/CR 57, CSAH 5. and A¢ine Drive that occurx through January ], 2020. Stormwater Management Fee. The current Stormwater Management Fee is $375.00 per unit. Stormwater management fee obligations for the tburth phase are Fifteen Thousand Seven Hundred Fifty Dollars and no cents ($15,750.00) (42. x $375). -336- SECTION II STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES 11. Stage II Improvements Required. The Stage II Improvements which the CITY requires the DEVELOPER to construct wid~in the Plat m-e as follows: a) 'b) c) d1 Street striping and signing Traffic signing Street lights Street li~ht maiixtenance Alpine Acres Subdivision Development Agreement Page 4 of 12