Laserfiche WebLink
-274- <br /> <br />Upon completion of the Improvements to the satisfaction of the City, any surplus balance <br />remaining in the City's escrow account shall be refunded to the DEVELOPER. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be <br />deposited with the CITY at the time Stage I Improvements are accepted by the CITY and <br />prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents <br />($10,000.00) or five percent (5%) of the cost of the Stage I Improvements (5% x <br />whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) <br />year period from the date of its deposit. This financial guarantee is for the purpose of <br />ensuring that the Stage I Improvements have been conslzucted in accordance with City <br />standards and may be called t~pon at the CITY'S discretion during said one (1) year per/od if <br />the CITY determines it necessary to repair and/or replace any of the Stage I improvements. <br />Said financial guarantee shall be in the form of a letter of credit, approved as to form by the <br />CITY. The maintenance guarantee shall be in the amount of Sixty-Eight Thousand Two <br />Hundred Fifty Dollars and no cents ($xx.00)_. <br /> <br />Payment of Sewer and Water Trunk Fees. There is a sewer and water trunk fee of Two <br />Hundred Thousand Four Hundred sixty-Four Dollars and no cents ($200,464.00) (72 lots x <br />$3,062.00/Io0 due on the Plat. The City of Ramsey and the DEVELOPER have entered <br />into a certain Watermain and Sanitary Sewer Cost Contribution Agreement dated March 22, <br />2006 (the "Agreement"). Pursuant to Section 3.02 of the Agreement, the 2006 water mink <br />fee in the amount of One Thous~ind Nine Hundred Twenty Five Dollars and no cents <br />($1,925.00) per lot and the 2006 sanitary sewer mw& fee in the amount of One Thousand <br />One Hundred Thirty Seven Dollars and no cents ($1,137.00) per lot have been paid. <br />Therefore, there is no req~ for the sewer and water trunk fees for the Plat. The. <br />existing house located on ~ shall also be hooked up to City sewer and water an~t <br />its septic system and well properly abandoned. <br /> <br />10. <br /> <br />Stormwater Management Fee. The current Stormwater Management Fee is Three Hundred <br />Ninety Seven Dollars and no cents ($397.00) per lot. The existing homestead on ~ <br />~, is exempt from this fee. Stormwater management fee obligations for the Plat are <br />Twenty-Eight Thousand Five Hundred Eighty-Four Dollars and no cents ($28,584.00) (72 <br />lots x $397.00/lot). <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />11. Stage II Improvements Required. The Stage II Improvements which the CITY requires <br /> the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) ~.'..S treet:stmmng~ian~s!~g <br />5) ' R'0~hiis.'156tit; Sig'fiifig~ stmpmg <br /> Brookfield Second Addition <br /> Development Agreement <br /> Page 4 of ll <br /> <br /> <br />