Agenda - Council - 04/25/2006 - Laserfiche WebLink

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o 10. 11. -308- DEVELOPER may request a reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been deposited. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the City related to the installation of Stage I Improvements. The DEVELOPER shall make a cash deposit into the appropriate escrow account at the City and the City shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements or Sixty Eight Thousand Six Hundred Dollars and no cents ($8,600.00) (5% x $1,376,000.00). Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I Improvement maintenance guarante~ with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($I0,000) or five percent (5%) of the cost of the Stage I Improvements (5% x $1,376,000.00), whichever is greater. 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 said one (1) year period if the CITY determines it necessary to repair and/or replace any -42f the Stage I improvements. Said financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance guarantee shall be in the amount of Sixty Eight Thousand Six Hundred Dollars and no cents ($68,600.00). Payment of Sewer and Water Trunk Charges. There is a sewer and water mink fee of One Hundred Thousand Eight Hundred Fifty Two Dollars and no cents ($140,852.00) (46 new residential lots created x $3,062/uni0 due on the Plat. The three (3) existing homesteads (Lots 1-3, Block 1), and the existing dental clinic Lot 7, Block 2) shall pay sewer and water tnmk charges at the time of cormecfion to the services. Outlots A and B, Block 1, are also exempt from sewer and water trunk fees until such time as they are developed. Lot 21, Block 1, shall be retained by the City in fee title and is exempt from the sewer and water trunk fees. ~ Stormwater Management Fee. The current Stormwater Management Fee is $397.00 per residential unit. Stormwater management fee obligations for the forty-six (46) new residential lots created is Eighteen Thousand Two Hundred Sixty Two Dollars and no cents ($18,262.00) (46 lots x $397/lot). The three (3) existing homesteads (Lots 1-3, Block 1) and the existing dental clinic (Lot 7, Block 2) are exempt from the Stormwater Management Fee. Outlots A and B, Block 2, shall pay stormwater management fees at the time of development. Meadow Subdivision Development Agreement Page 5 of 13