Agenda - Council - 11/14/2017 - Laserfiche WebLink

Home

landscaping maintenance guarantee required by Paragraph 24b below has been deposited. RTC may also request interim disbursements in accordance with the Escrow Agreement. 7. RTC Inspection Fees. RTC shall be responsible for all inspection costs incurred by the CITY related to the installation of Stage I Improvements. RTC 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. RTC, shall be responsible for a cash deposit in the amount of Thirty Three Thousand Two Hundred Dollars and no cents ($33,200.00). 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 RTC. 8. Stage I Improvement Maintenance Financial Guarantee. RTC shall post a Stage I 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 7 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, 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 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 cash or a letter of credit, approved as to form by the CITY. 9. Stage II Imnrovements Reouired. The Stage II Improvements which the CITY requires to be installed within the Plat are as follows: a) Street striping and signing b) Traffic signing c) Future Through Street Signing d) Street lights e) Street light maintenance fj Street sweeping g) Seal coating ("Stage II Improvements"). 10. Payment for Stage 11 Improvements. The CITY will install in the Plat the Stage II Improvements. RTC and T&C shall deposit an amount that is set forth below that was determined by the CITY to be adequate to aid in the operation and maintenance of street lights in locations within the Plat determined by the CITY Engineer and installed by Connexus for the first three (3) years after final plat approval. The CITY will bill residents in the Plat at least quarterly for street Iight maintenance and operation costs; billing will be initiated at the time a residence connects to municipal water and sanitary sewer. RTC and T&C will pay to the CITY Ramsey Town Center 7th Addition Development Contract Page 4 of 20 Pages 121117e01, 820114 8n8N5