Agenda - Council - 03/11/2003 - Laserfiche WebLink

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-~132- at the time of execution of this agreement. Upon total completion of Stage I ImprOvements (including the removal of "temporary" erosmn 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 guaranteel but onlY if - the maintenance guarantee required by Paragraph 8 below has been deposited: ' 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 Fifty Two ThOusand Seven Hundred Fifty Dollars and no cents ($52,750) (5% x $1,055,000). 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. 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.shaIl 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 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 (5% x $1,055,000), 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 Fifty Two Thousand Seven HUndred Fifty Dollars and no cents ($52,750). Payment of Sewer and Water Trunk Charges. The DEVELOPER Shall pay its sewer and water trunk charges of $i,862.00 per residential unit or a total of Two Hundred Eight Thousand Five Hundred Forty Four Dollars and no cents ($208,544.00) (112 X $1,862.00) and said charges are due at the CITY prior to releasing, the plat for recording.. The · DEVELOPER will' be alloWed a credit against sewer and Water truck, fees for the cOst difference between 8 inch watermain and the 12 inch Watermain being required-for installation within the plat. In addition the construction cost plus a fifteen percent allowance for overhead will also be allowed for the Watermain looping beyond the boundary of the plat. This will be allowed as a credit against the trunk charges. The estimated total coSt of'the credit is $ . Prior to release of the plat for recording the DEVELOPER shall pay $ , which is $208,544 less the estimated credit ($ ).. Any difference Rivenwick 3ra AdditiOn SubdiviSion Development Agreement page 4 of 12 I I I I I I I I I I I I I I I I I I I