Agenda - Council - 05/08/2007 - Laserfiche WebLink

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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 ($10,000.00) or five percent (5 %) of the cost of the Stage I Improvements (5% x 270,000.00), 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 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 Thirteen Thousand Five Hundred Dollars and no cents ($13,500.00. 9. Payment of Sewer and Water Trunk Pees. The City of Ramsey and the DEVELOPER have entered into a certain Watermain and 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. 10. Stormwater Management Pee. The 2007 Stormwater Management Fee is Four Hundred Sixteen Dollars and no cents ($416.00) per lot. Stormwater Management Fee obligations for • the Plat are Eighteen Thousand Seven Hundred Twenty Dollars and no cents ($18,720.00) (45 lots x $416.00 /lot). SECTION II STAGE H IMPROVEMENTS AND FINANCIAL GUARANTEES 11. Stage H Improvements Required. The Stage II Improvements which the CITY requires the DEVELOPER to construct within the Plat are as follows: a) Street striping and signing b) Traffic signing c) Future Through Street Signing d) Street lights e) Street light maintenance f) Street sweeping g) Seal coating ( "Stage II Improvements ") 12. Payment for Stage H Improvements. The CITY will install in the Plat the Stage II Improvements. The DEVELOPER shall also deposit an amount that is determined by the Brookfield Third Addition Development Agreement Page 4 of II -100-