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

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shall provide this temporary road easement to the CITY prior to the issuance of any Building Permits in the Plat. ii. Construction of trunk sewer, watermains and stormwater improvements in Zeolite Street N.W. iii. Streetscape construction along Sunwood Drive N.W. and Zeolite Street N.W. ("Stage I Improvements outside the Plat") The DEVELOPER agrees to construct the Stage I Improvements according to the terms and conditions of this Development Contract and in accordance with DEVELOPER's plans submitted to the CITY. Said plans shall be in conformance with the Ramsey Town Center 3`d Addition -Final Plat and Engineering -Commercial Development Phase I- Dated September 27, 2004, and as amended. The final construction plan for the Stage I Improvements shall be submitted to the City Engineer for review and approval prior to commencement of construction. The DEVELOPER shall be responsible for completing the rough grading and providing lot corner stakes prior to the installation of underground utilities. 5. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The financial guarantee shall be in the amount of Five Hundred Seventy Thousand Dollars and no cents ($570,000.00), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this paragraph shall be in the form of cash or a letter of credit, approved as to form by the CITY. The financial guarantee shall be deposited with the CITY at the time of execution of this Development Contract. The CITY agrees to allow proportionate reductions in the amount of the Letter of Credit for any improvements installed by the DEVELOPER and accepted by the CITY. Upon total completion of the construction of the Required Improvement, including the removal of "temporary" erosion control measures as identified in the approved Grading Plan, acceptance by the CITY, supported by appropriate lien waivers, the financial guarantee shall be returned to the DEVELOPER if the maintenance guarantee required by Paragraph 7 below has been deposited. 6. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the CITY related to the installation of Stage I Improvements. The DEVELOPER shall 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 Stage I Improvements of Twenty Two Thousand Seven Hundred Dollars and no cents ($22,700.00) (5% x $455,000.00). 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. Ramsey Town Center 3rd Addition Development Contract Page 3 of 11 Pages