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

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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 $240,000.00), 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 Twelve Thousand Dollars and no cents ($12,000). 9. Payment of Sewer and Water Trunk Fees. The 2007 Sewer and Water trunk charges due on this plat are Twenty -Two Thousand, Eight Dollars ($22,008.00 [$3,144 x 7 lots]). 10. Stormwater Management Fee. 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 Two Thousand, Nine - Hundred, Twelve Dollars and no cents ($2,912.00). SECTION II STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES 11 Stage H Improvements Required. The Stage H 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 II Improvements. The CITY will install in the Plat the Stage II Improvements. The DEVELOPER shall also deposit an amount that is determined by the CITY to be adequate to aid in the operation and maintenance of street lights in locations within the Plat determined by the City Engineer and installed by Connexus for the first three (3) years after final plat approval. The CITY will bill residents in the Plat at least quarterly for street light maintenance and operation costs; billing will be initiated at the time a residence connects to municipal water and sanitary sewer. The DEVELOPER will pay to the CITY an amount equal to 100% of the City Engineer's estimated construction cost of the items prior to recording of the final Plat. The City Engineer's estimated cost of construction is: GAD's Prairie Addition Development Agreement Page 4 of 11 —177—