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I <br /> I <br /> I <br /> I <br /> i <br /> I <br /> I <br /> I <br /> I <br />,I <br /> <br />eligible for funding by the City. Source of City funding shall not be a <br />determinate of financial participation. <br /> <br />Installation by City. All Stage I improvements shall be planned, designed, <br />inspected and/or approved by the City Engineer. The administrative charges <br />of the City in connection with such improvements shall be included in the <br />costs determined in Subdivision 3 of this Section. <br /> <br />c. Minimum Escrow Requirements for Stage I 'Improvements. For City <br /> awarded improvements, the owner or subdivider shall provide a financial <br /> sureW in a fbrm acceptable, t° the City --"~ <br /> ........... v .......... in a minimum amount equal to 15% .20°,4 of the City <br /> Engineer's estimated cost of. installing the Stage I Development <br /> improvements described in §9.50.50 Subd. 3b above. <br /> <br />do <br /> <br />For non-City awarded improvements, the owner or sUbdivider shall provide <br />a financial surety in a fonrt acceptable to the CID'.,~,.~,,,o,~ '~ ..... : .... ,~,,~:*t' ~,,,. ,--:~.~,~: <br />........... ~ .......... a ..... equal to 125% of the <br />total cost of such improvements as estimated by the Ci~ En~neer, <br />including the billable estimated expense of ~e Ci~ for en~neefing, legal, <br />fiscal, admiNstrative and other expenSes incu~ed by ~e Ci~ in co~ection <br />with the making of such improvements ............... : ........... ~ ~j~ <br /> <br />o~d~ ...... Upon total completion of Stage ~ hnprovements (including the <br />removal of "temporal" erosion control measures), acceptance by the Ci.ty, <br />supposed by appropriate lien waivers, the Developer may request a <br />reduction in the amount of the financial ~mrantee. but o~y it' the <br />maintenance guarantee required has been deposited. <br /> <br />eo <br /> <br />There shall be aucscrow Development aAgreement which ShalI provide that <br />in the event the required improvements are not completed within the <br />specified timeline' ,';nc ;,'ear, all amounts held under in the esc-r-o'~ <br />Development A~reement ~may be .......... +~""' .......... '~ <br />.... ~ .~: ...... ~ ~ ~.^ c,:~., ppli by City <br />...................... j draWn upon bv the City and a ed the to <br />the cost of completing the required: improvements. If the funds available <br />within said escrow are not sufficient to complete the required improvements,. <br />the necessary additional cost to the City shall be assessed against the <br />subdivision. Any balance remaining in the escrow fund after such <br /> <br />9.50 Subdivision Regulations <br /> <br />9-57 March 2003 Draft <br /> <br />97 <br /> <br /> <br />