Agenda - Council - 07/25/2017 - Laserfiche WebLink

Home

Riverstone Developer Agreement Sect 7 — Stage I Improvement Financial Guarantee Stage I Improvement Financial Guarantee. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of ($_.00), which amount is 125% of 20% (($x.20) x 1.25)) of the grading work and 125% ($ x 1.25) of noise mitigation improvements and125% ($ x 1.25) the remaining CITY Engineer's estimated cost of the Stage I Improvements. Upon completion of Stage I Improvements (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 PERMITTEE may request a reduction in the amount of the financial guarantee. Please note that noise mitigation has also been listed separately to ease in identifying warranty responsibilities in Section 15. Sect 8 — It is understood that the LOC can be reduced from "time to time" throughout the project as Stage I Improvements progress. Sect 15 - Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one year warranty in the amount of $ .00 ( x .25), which is 25% of the cost of the Stage I and Stage II Improvements less noise mitigation improvements. Said warranty shall be in force for one year following the final acceptance of any required improvements and shall guarantee satisfactory performance of said improvement. The PERMITTEE shall provide a two-year warranty in the amount of $ .00 ( x .25), which is 25% of the cost of noise mitigation improvements. Said warranty shall commence upon installation and acceptance of the noise mitigation improvements. The warranty must be in the form of a Letter of Credit in a form acceptable to the CITY'S Finance Director or a cash escrow. Sect 18 - Requirements for Building and Occupancy Permits. a. No building permit for any lot in the Plat shall be issued until the PERMITTEE has: (a) installed a Class 5 driving surface to within 300 feet of the structure; (b) provided the CITY Building Official with a Certificate of Survey; c.) the financial guaranty described in Section 6 to the CITY; d.) obtained all necessary permits from the Lower Rum River Watershed Management Organization and the Anoka County Soil Conservation District and has provided a copy of each such permit to the CITY; e.) the PERMITTEE shall receive four (4) model home permits during construction of Stage I Improvements and b. It is understood that in the event that the Puma Street lift station is not complete that CO will be granted to lots not dependent on the Puma Street lift station. Sect 20 — Miscellaneous 1