Agenda - Council - 10/26/2004 - 10/26/04

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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 and 00/100 Dollars ($10,000.00) or five percent (5%) of the cost of the Stage I Improvements (5% x $455,000.00), 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 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 Twenty Two Thousand Seven Hundred Dollars and no cents ($22,700.00). The Required Improvements shall be installed in accordance with the approved plans and in accordance with City standards, City Code and plans and specifications which have been prepared by a competent registered professional engineer furnished to the CITY and approved by the City Engineer. The DEVELOPER shall obtain all necessary permits from all agencies before proceeding with construction. Within 30 days after the completion of the Improvements and before the security is released, the DEVELOPER shall supply the CITY with a complete set of reproducible "As Built" plans. 8. ..P. ayment of Sewer and Water Trunk Charges. Prior to the release of the plat for recording, payment of sewer and water trunk charges must be paid. Sewer trunk charges within the City of Ramsey are $3,204.00 per acre and water trunk charges are $7,135.00 per acre. The proposed development is 9.5 acres. Sewer and water trunk charges for the plat total Ninety Eight Thousand Two Hundred Twenty Dollars and no cents ($98,220.00). 9. Required Improvements. The Stage I Improvements (both within and outside the boundaries of the Plat ) are collectively referred to as the "Required Improvements". 10. Street Cleaning. After the street surfacing is installed, the DEVELOPER shall clear any soil, earth, or debris from the streets within the Plat resulting from any construction within the Plat by the DEVELOPER or its successors and assigns. From time to time, the CITY may remove accumulations of soil, earth and debris from the streets resulting from the construction of the Plat. It shall be the DEVELOPER's responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY to the DEVELOPER for such costs shall be paid within fifteen (15) days of the date of invoice. 11. Time of Performance. The DEVELOPER shall install all Required Improvements by November 1, 2005. The DEVELOPER may, however, request an extension of time from the CITY. If an extension is granted, it shall be conditioned upon updating the security posted by the DEVELOPER to reflect cost increases. 12. Ownership of Improvements. Upon the completion of the work and construction required to be done by this Development Contract, the Required Improvements lying within public easements shall become CITY property without further notice or action. Ramsey Town Center 3rd Addition Development Contract Page 4 of 10 Pages