Agenda - Council - 05/23/2006 - Laserfiche WebLink

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at the time of execution of this agreement. Upon total completion of Stage I Improvements (including thc removal of "temporal?' erosion control measures as identified in the approved Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the 1)EVELOPER 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 DE¥-ELOPER 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 ($ ) (5% x $ Upon completion of the Improvements to the satisfitction 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 gnarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with tile 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 shai[ be Ten Thousand DoiIars and no cents ($10,000.00) or five percent (5%) of the cost of the Stage I Improvements (5% x ), whichever is greater. Said maintenance guarantee shall be held by the CITY fin' a one (1) year period from the date of its deposit. This financial guarantee is for tile ptu~mse of ensuring that the Stage I Improvements have been constructed in accordance with City standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessau to repair and/or replace any of the Stage I improvements. Said financial guarantee shall be in the form of a letler of credit, approved as to form by the CITY. The maintenance guarantee shall be in the amount of ($ ). Payment of Scwer and Water Trunk Fees. There is a sewer and water trunk fee of Seventy Thousand Four Hundred Twenty Six Dollars and no cents ($70,426.00) (23 lots x $3,062.00/lot) due on the Plat. This payment must be received by the City prior to the release of tile final plat mylars for recording. 10. Stormwater Management Fee. The current Stormvvater Management Fee is Tlzree Hundred Ninety Seven Dollars and no cents ($397.00) per lot. Stormwater management fee obligations l'or the Plat are Nine Thousand One Hundred Thirty One Dollars and no cents ($9,131.00) (23 lots x $397.00/lo0. Rum River .~/feadows Developnte~tt Agreement J>age 4 of 12 Drafl 5. lg. 06 -139-