2017-04-04 P & Z Packet - Laserfiche WebLink

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§ 153.37 FINANCIAL SECURITY. The developer's agreement shall require the subdivider to make a cash escrow deposit or in lieu thereof to furnish a letter of credit in the following amounts and upon the following conditions: (A)Escrow deposit. The subdivider shall deposit with the Administrator a cash amount equal to 150 percent of the total cost of the improvements as estimated by the City Engineer, including the estimated expense of the city for engineering and legal fees and other expenses incurred by the city in connection with the making of the improvement. (B) Letter of credit. In lieu of a cash deposit, the subdivider may furnish a letter of credit satisfactory to the city, in a sum equal to 150 percent of the total cost of the improvements as estimated by the City Engineer, including the estimated expense of the city for the engineering and legal fees and other expenses incurred by the city in connection with the making of the improvements. Release of the letter of credit will be determined by Council resolution. (C) Conditions. The developer's agreement shall provide for a completion date on which all of the required improvements shall be fully installed, completed and accepted by the city. The completion date shall be determined by the Council after consultation with the City Engineer and the subdivider, and shall be reasonable in relation to the construction to be performed, the season of the year and proper correlation with construction activities in the subdivision. The developer's agreement shall provide that, in the event the required improvements are not completed within the time allotted, the city shall be allowed to exercise its power to recover on the letter of credit or utilize the escrow deposit to complete the remaining construction to city standards and specifications. In the event the amount of funds recovered is insufficient to cover the cost of construction, the Council may assess the remaining cost to the lands within the subdivision. § 153.38 CONSTRUCTION PLANS. Construction plans and specifications for the required improvements conforming in all respects with the standards and ordinances of the city shall be prepared at the expense of the subdivider by a professional engineer registered by the State of Minnesota. The plans and specifications shall be approved by the City Engineer and shall become a part of the developer's agreement. Two prints of the plans and specifications shall be filed with the Administrator. § 153.39 INSPECTION. All required improvements shall be inspected during the course of construction by the City Engineer and acceptance of the improvements by the city shall require prior written certification by the subdivider's engineer and acknowledged by the City Engineer that the improvements have been constructed in compliance with the plans and specifications. 277 1 P a g e