Agenda - Council - 12/28/2006 - Laserfiche WebLink

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timely completion. The financial guarantee shall be in the amount of which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this paragraph shall be in the form of cash or a letter of credit, approved as to form by the CITY. The financial guarantee shall be deposited with the CITY at the time of execution of this agreement. Upon total completion of Stage I Improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the 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. 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 agrees that the inspection fees required as a part of Site Plan approval for the site (described in the Development Permit for Holiday Stationstores) shall also apply towards installation of Stage I improvements described in Item #4 of this document. 8. 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 guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements area 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 ($10,000) or five percent (5%) of the: cost of the Stage I Improvements, 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 fors .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 shail~ be in the form of a'ietter of credit; approved as to form by the CITY. The maintenance guarantee shall be in the amount of, 9. Sewer and Water Trunk;Fees. The current sewer and water trunk fees are $10,958.00 per commercial acre. The amount due on the plat is Twenty-three thousand, Eight-hundred, Eighty-nine Dollars and"no cents ($23,889.00). These charges shall be the responsibility of the DEVELOPER; grid will be collected before the release of the plat for recording. SECTION II PARK DEDICATION 10. Park Dedication Requirements. The development lies in the Lake Itasca park district. The current park dedication fee is $4,600.00 per commercial acre. The total amount due for the two lots is Ten Thousand Twenty Eight Dollars and zero cents ($10,028.00) [2.18 acres x Holiday Rivenwick Village Development Agreement Page 3 of 7 -189-