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

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services. The amount of the deposit shall be equal to five percent (5 %) of the estimated cost of the Stage I Improvements. The DEVELOPER shall be responsible for a cash deposit in the amount of Nine Hundred Twenty Five Dollars and no Cents ($925.00). 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. 8. Stage I Im rovement 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 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 and 00 /100 Dollars ($10,000.00) or five percent (5 %) of the cost of the Stage I Improvements, whichever is greater. The DEVELOPER shall be responsible for financial guarantee in the amount of Ten Thousand Dollars and No Cents ($10,000.00). 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. 9. P a y ment of Sewer and Water Trunk C harges. There n cents 3 47 is sewer 8 t er (1 3 fee of Thirteen Thousand Four Hundred Seventy Eight Dollar acres x $10,958 /acre) due on the Plat. These charges shall be the responsibility of the DEVELOPER, and shall be satisfied prior to release of the Plat for recording. 10. Stormwater Management Fee. The current Stormwater Management Fee is $4,151.00 per acre. Stormwater management fee obligations for the development are Five Thousand One Hundred and Six Dollars and no cents ($5,106.00) (1.23 acres x $4,151.00). 11. Stage II 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) Sealcoating ( "Stage II Improvements ") 12. Payment for Stage II Improveme The CITY will install in the Plat the Stage II Improvements. The DEVELOPER shall deposit an amount that is determined by the CITY Ramsey Town Center 13th Addition Development Agreement Page 4 of 12 Pages —127—