Agenda - Council - 02/24/1981 - Laserfiche WebLink

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b) All drainage mud grading as shown in the "Grading and Drainage Plans" prepared by Hakanson Anderson Associates consisting of one (1)page dated November ~O, 1979. · c) And all other City Code improvement requirements. 2) The improvements described in paragraph I above shall be completed as follows: a) All drainage grading shall be completed prior to September l, 1981. b) The construction and blacktopping of the streets in the plat shall be completed on or before September l, 1952. That all of the said improvements shall be in accord~-nce with the time table and plaus and specifications therefor to be approved or prepared by the City Engineer and as submitted in that document known as ,'Construction Specification for Grading, Drainage and Street Construction in Pondvale Estates City of Ramsey" dated February 19, 1981. 3) The estimated cost of the improvements are $11,800. The Developer hereby agrees to provide a Letter of Credit pursuant to City Code in the amount of $17,?00 (!50% x $11,800) to guarantee the Developer comply- ing with all of the requirements as set forth aforesaid and the installation of all of said improvements in a good and workmanshiplike manner, pursuant to the plans and specifications and requirements of the City Engineer. 4) Further, the Developer shall pay to the City all expenses of the City for the preparation of any plans and specifications for the said improvements, and that said payment shall be made to the City in advance based upon the City cost estimates of the City Engineer. The said payment shall also include the inspection costs of the City for its costs in inspect- ing the construction of the aforesaid improvements by the City Engineer. The developer shall aisc pay to the City any legal expenses incurred which relate · to the required improvements. 5 ) IT IS FURTHER AGREED, that should any of the terms of this agreement fail to be performed by the Developers in the time permitted herein, or in the ~nner required by the City Code and the City Engineer, that the City shall be entitled to recover from the Developer and its Letter of Credit on demand by the City the amount of the Letter of Credit. 6) That in the event the Letter of Credit is forfeited and the City constructs or completes all of the required acts as set forth afore- said and the City finds that the cost of such improvements exceeds the ~mount of the forfeited Letter of Credit, the remaining balance of said costs can and shall be assessed against all of the property in the said plat.