Agenda - Council - 11/09/2004 - Laserfiche WebLink

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make a cash deposit into the appropriate escrow account at the City and the CITY shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Required Improvements, which equates to Forty Eight Thousand Eight Hundred Sixty Four Dollars and no cents ($48,864.00) (5% x $937,281.00). Upon completion of the Required Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. 11. Required Improvement Maintenance Financial Guarantee: In addition to the financial guarantee for Required Improvements required by Item #9 of this Permit, the DEVELOPER shall also post a Required Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time the Required Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Item #9 of this Permit. 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 Required Improvements (excluding plantings), (5% x $822,281.00), 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 Required Improvements, with the exception of the plantings which is addressed in Item #15 of this Permit, 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 Required 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 Forty One Thousand One Hundred Dollars and no cents ($41,100.00). 12. Stormwater Management Fee. The City has enacted a Stormwater Management Fee and the current rate is $3,741.00 per acre. Prior to the release of the Plat for recording, payment of storm water charges must be paid. The amount of Stormwater Management Fee due on the 9.5 acre Plat is Thirty Five Thousand Five Hundred Forty Dollars and no cents ($35,540.00). SECTION II PERMITS AND OCCUPANCY 13. Requirements for Building Permits. No building permit for the Subject Property shall be issued until: (a) a Class 5 driving surface is installed to within 300 feet of the building(s); (b) a certificate of survey or approved site plan has been supplied to the City Building Official; (c) all of the financial guarantees required by the CITY have been satisfied; (d) the CITY has been provided with a copy of the Lower Rum River Water Management Permit; (e) this Development Permit and the Development Contract is executed; (f) the Plat of Town Center 3rd Addition has been recorded at Anoka County Recorders Office; (g) compliance with City Staff Review Fetters concerning the development. Notwithstanding the above, a footings and Coundation permit for the grocery store will be released to the DEVELOPER prior to the Plat Ramsey Town Center 3rd Addition RAMDANCE, LLC Development Permit Page 5 of 10