Agenda - Council - 12/13/2005 - Laserfiche WebLink

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amount of the maintenance guarantee shall be Ten Thousand and 00/100 Dollars ($10,000.00) or five percent (5%) of the cost of the Stage I Improvements, whichever is greater. RAMSEY TOWN CENTER, LLC, shall be. responsible for a cash_ deposit in the amount of ($ ).. Said. maintenance guarantee shall be 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 saidl one (I) year period if the CITY determines it-necessary to repair .land/or replace kny' Of the Stage: I improvements. Said financial' guarantee- shall be in the .form_ 9f a.letter of credit, approved as ,_to form by the cITY. ,??:~-"::;!;-~7 ' 91 Stage II Improvements Required. The Stage II Improve"~§. which the CITY requires the DEVELOPER to construct within the Plat are as follows:~!ii~(i a) Street striping and signing ;' · .... b) Traffic signing ..... d) Street light maintenance e) Street sweeping ("Stage II Improvements") :":-:' ':.i.' . '-:::/:..~:i.::;" 10. Payment for Stage II Improvements'. The CITY' Will: install in the Plat the Stage II Improvements. The DEVELOPER shall deposit an amouni: that is 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 Cormexus for the first three (3) years after final plat approv, al. The CITY wi_l[ bill residents 'in the Plat at least quarterly for street light maintenance and.operation cos'tsi"biiling?vitl be' 'initiated at the time a residence connects to municipal water'and sanitary s~wer. The DEVELOPER will.pay to the CITY an amount equal to 100% of the CITY Ehgineer's:es:timated construction cost of the items prior to recording of the final Plat. The CITY' Engineer's estimated cost of construction is: a) 'Street signing (-- -O$200.O0:"each) b) Street striping ( ~ .20/fi.). c) Traffic stgns( ~ $200,00 each) d) Future Through Street Signing: (0) e) Street lights ( ~ $1,500.00 each) f) Street light maintenance ( ~ $270) g) Street sweeping h) Seal coating ( sq. yds ~$.85 sq. yd.) $ $ $ $ $ $ Total Stage I and Stage II Improvements shall be installed in accordance with the the Final Plat and Final Engineering Plans dated December 5, 2005, revised and in Ramsey Town Center llth Addition Development Contract Page 4 of llPages -438-