Agenda - Council - 08/09/2005 - Laserfiche WebLink

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13. 14. 15, and prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The amount of the maintenance guarantee for the improvements made as part of the Stage I Improvements shall be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements (5% x $1,561,100.00), whichever is greater. Said maintenance guarantee for the improvements made as part of the Stage I Improvements shall be held by the CITY fbr 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 being constructed in co~junction project 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 a letter of credit, approved as to form by the CITY. Landscape Maintenance Guarantee. It is herein agreed ~that the DEVELOPER shall provide a maintenance guarantee to ensure the survival of the plantings for Town Center Gardens 3rd Addition. Said maintenance guarantee shall consist of cash or a letter of credit approved as to form by the CITY. The said guarantee will remain in effect for a two-year period commencing on the date of the City's acceptance of said plantings as part of Stage I hnprovemcnts. The Stage I Financial Guarantee (as stipulated in paragraph 10) will not be released until the CITY has received the maintenance guarantee for landscaping. The landscape maintenance guarantee required is Twenty-Five Thousand Three Hundred Eighty Dollars and no Cents ($25,380.00) [167 trees; 1,358 shrubs x cost of planting ($100/tree, $50/shrub x 30% survival rate] Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of Three t-[undred Seventy-Six Thousand One Hundred Seventy-Four Dollars and no cents ($376,1.74.00) (127 units x $2,962.00/unit) due on the Plat. Stor~nwater Management Fee. The current Stormwater Management Fee is $384.00 per unit. Stormwater management fee obligations are Forty-Eight Thousand Seven Hundred Sixty-Eight Dollars and no cents ($48,768,00) (127 x $384.00). SECTION II STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES Stage Il Improvements Required. The Stage II Improvements which the CITY requires the DEVELOPER to construct 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 l) Street sweeping g) Seal coating Town Center Gardens 3~a Addition Development Agreement Page 5 of 12