Agenda - Council - 02/14/2023 - Laserfiche WebLink

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462.358 and as anwnded as a condrt a t to the approved of the plans and Speificanon,s vtd appal of a feral plat, to prescribe req iremi a and the extent to wh h, aM the t nrw -which the streets be graded or improved, and the water, sewer., and other utility mains, piping, or other facilities shall be installed and that the DEVELOPER shall provide a financial guzwwe to the CITY to provide for the actual conswmion and instaliat'roo of the mquir d Suge i fmprovcff=ts and all other obligations of DEVELOPER provided for hemin wadun a pcnod specified by the City Council. Said financial gmmntec shad pr y thm the CJTV poss ss the statutory power -to enforce such firw=lal Suammee by all appropriate wW legal renx is . 1"be finandal guarantee shall be satisfied by the DEVELOPER depositing cash with the CITE' as follows: In addition to that required by p=gmph four (4), the DUL P R shall deposit wish the CITY ash in an amount equal to fifteen,percent 0 l of the total cost of the project. In lie- ce of this cash deposit, the DEVELOPER rruy fdc an ui =vc cable ]getter of Credit or some ocher form of fmancW guarantee accept blc to the CffY in a minimum arnount equal to twenty percent % f the total row of the prajea Ibis financial guarani , in addition to those purposes described above. shaH assure the CrrV that the irnpr venwnis require - herein wW be actually constxted and installed according to the specifications approved by the CITY, that the special assessments arc paid as required herein, and that the DEVELOPER will fulfill all obligarions set farts in this Agreement. Because of the need to guarantee the payment of the special assessmmm the escrow shall be retained until all obligations of tt DEVE.LOPER. including the paynaent of all special arse ergs, arc sat fie& The DEVELOPER agrm to pay all costs associated with the installation of sanitary sewer, water, and storm water system n to provide service to the development with the exception of those elements which am required to be oversized to enhance the overall perfoffnance of the system or to provide extra depth to service future upstream mvice am& Eight inch 8' watermain aW eight leech 8" sanitary sewer is conside d t be normal sizes for providing lateral Smim The DEVELOPER'S share of the total csdimd host of the stage �I . proee�ts is � Hundred Thirty brine Thousand L oUars ,o O.'00 . Therefore, the c2sh deposit shall be in the amount of Fifty lMoussM Eight Hundivd Fifty Dollars 4 50, o. or Sixty Seven Thouumd. Eight Hundred Dolly ($6 ,8o .of ) with any other fbrm of financial guarantee. This financial guarantee, in addition to those purposes dcscribcd above, shall as. ure the CITY that the imp"weartnts required herein will be actually constructed and installed ccordmn to