Agenda - Council - 08/14/2007 - Laserfiche WebLink

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d. Public streets with concrete curb and gutter (Rhinestone Street N.W. and Civic Center Drive N.W., terminating at Rhinestone Street N.W.) The DEVELOPER shall be responsible for the following improvements: e. Sidewalk construction along Rhinestone Street N.W. from south boundary of Lot 1, Block 1, Ramsey Town Center 13 Addition to Sunwood Drive N.W. f. Streetscape along Rhinestone Street N.W., adjacent to Lot 1, Block 1, Ramsey Town Center 13 Addition, in accordance with approved plans prepared by and dated The following improvements have been installed: g. Natural gas h. Telephone service i. Electric service ( "Stage I Improvements ") The DEVELOPER and the CITY agree to construct the Stage I Improvements according to the terms and conditions of this Agreement and in accordance with plans submitted to the CITY. Said plans shall be in conformance with the Final Plat and Final Engineering Plans dated July 13, 2007, as amended by staff review. All of the plans are subject to revisions per City Staff Review Letter dated August 1, 2007. The final construction plan for the Stage I Improvements shall be submitted to the City Engineer for review and approval prior to commencement of construction. The DEVELOPER shall be responsible for completing the rough grading and providing lot corner stakes prior to the installation of underground utilities. 6. Stage I Improvement Financial Guarantee The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the DEVELOPER- required Stage I Improvements and their timely completion. The DEVELOPER shall be responsible for a financial guarantee in the amount of Twenty Three Thousand One Hundred Twenty Five Dollars and no ; cents ($23,125.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements. The financial guarantee shall be deposited with the CITY at the time of execution of this Contract. Upon 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 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 -126- Ramsey Town Center 13th Addition Development Agreement Page 3 of 12 Pages