Agenda - Council - 07/25/2006 - Laserfiche WebLink

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7. 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 Dollars and no cents ($ ) (5% x $ )~ 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. . 8. Stage I Improvement Maintenance Financial Guarantee. In addition to the fmancial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I Improvement Illaintenance guarantee 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 firiancial guarantee required by Paragraph 6 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars 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 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 of 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 - Dollars and no cents ($ ). 9. Payment of Sewer and Water Trunk Fees. There is a sewer and water trunkfee of Two Hundred Eight Thousand Two Hundred Sixteen Dollars and no cents ($208,216.00) (68 lots x $3,062.00/lot) due on the Plat. The City of Ramsey and the DEVELOPER have entered into a certain Watermainand Sanitary Sewer Cost Contribution Agreement dated March 22, 2006 (the "'Agreement"). Pursuant to Section 3.02 of the Agreement, the 2006 water trunk fee in the amount of One Thousand Nine Hundred Twenty Five Dollars and no cents ($1,925.00) per lot and the 2006 sanitary sewer trunk fee in the amount of One Thousand One Hundred Thirty Seven Dollars and no cents ($1,137.00) per lot have been paid. Therefore, there is no required payment for the sewer and water trunk fees for the Plat. In addition, the sewer and watermain improvements constructed within the Plat have been- oversized and constructed to be able to service areas outside the development in accordance with the CITY'S comprehensive sewer and water plans. The cost of the over sizing has been estimated to be Dollars and no cents ($ ). This amount shall be paid to the DEVELOPER upon installation and acceptance by the CITY of the trunk utilities to be constructed by the DEVELOPER. -260- -_ Sweetbay Ridge. Development Agreement Page 4 of 13 . . .