Agenda - Council - 07/26/2005 - Laserfiche WebLink

Home

cash (~r 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 agreement. Upon total completion of Stage I hnprovements (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 DEVELOPER may request a reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been deposited. 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 or Dollars and no cents ($XX.00) (5% x SXX.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. Stage ! hnprovement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I Improvement maintcnance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY alt 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 Dollars and no cents ($10,000) or five percent (5%) of the cost of the Stage I hnprovements (5% x SXX.00), whichever is greater. Said maintenance guarantee shall bc held by the CITY for a one (1) year period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I Improvements have been constructed in accordance with City standards and may be called upon at the CITY'S discretion during said one (1) year pcriod ii' the CITY determines it necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee shall be in the form of a letter of credit, approved as to ~brm by the CITY. The maintenance guarantee shall be in the amount of Dollars and no cents ($XX.00). Sewer ami Water Trunk Charges. The current Sewer and Water Trunk Charge is $2,962.00 per unit. Total Sewer and Water Trunk Charge obligations for the Development is Two Hundred Scventy:l'wo Thousand Five Hundred Four Dollars and no cents ($272,504.00) (92 lots x $2,962.00/1ot). /0. St~rmwatcr Management Fee. The current Stormwater Management Fee is $384.00 per unit. Stormwatcr management fee obligations for the Development is Thirty-Five Thousand Three I [undrcd Twenty-Eight Dollars and no cents ($35,328.00) (92 lots x $384/lot). SECTION II STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES Marigold Pond Subdivision Development Agreement Page 5 of 12