2002-03-27 CC Packet - Laserfiche WebLink

Home Browse Search

",' ~. " The City shall have the right during said warranty period to draw on the Letter of Credit tor any warranty work that is necessary. The Irrevocablc Letter of Credit shall be renewed or replaced by not later than twenty (20) days prior to its expiration with a like letter. f. Reduction of Escrow Guaranty. The Developer may request a reduction of the Letter of Credit or cash deposit based on prepayment or the value of the completed Private Improvements at the time of the requested reduction. The amount of reduction will be determined by the City and such recommendation will be submitted to the City Council for action. g. Approval of Contractors. Any contractor selected by the Developer to construct and install any Private Improvements must be determined in writing by the City Engineer to be acccptable. The City reserves the right to require saiistUctory proof of suecessti.t1 experience and adequate tlnancial status by any such contractor. c. STREET, TRAIL AND UTILITY IMPROVEMENTS. In accordance with the policies and ordinances ilIthe City, the "Street, Trail and Utility Improvements" include those improvements as described by the plans, specifications, and contract documents entitled Pheasant Marsh Utility and Street,'frail and Utility Improvements, as prepared by the City Engineer and as adopted and approved by the City COlll1cil. ~{~ The Developer hereby requests that the City install andlor modify the necessary streets, ~ sanitary sewer, water, municipal storm sewer, and walkway/trail to service the proposed development. The City agrees to proceed pursuant to Minnesota Statutes Chapter 429, the Petition lor Local Improvement signed by Developer dated Allgust 22, 200 I, and thc I ~.J' A Agrcement of Assessment and Waiver of Irregularity and i\ppeal signed by Developer \l~ 'IJ ~ '}. dated August 22, 2001, and to specially assess 100% ofthe cnst nf said improvements to Y the subject property, with the;; exc~miQlUlf.!h~cmJ::u!Ltrib1!1ill21s:JQJl~G'iizinJLofth" ~/ . water=iILWhieh costs are as setlQrtbillJocPheasant Marsl1 Stn:et. Trail and Utility V\ Imoroves--illi- oreoared bv the Citv Engineer. Said oversizing costs will be the oJ> resDnnsibilitypf City. The Developer hereby waives its right to appeal the amount of any ~ ~pecial asscssments against its property within the described development. ~ .1\ ~V As provided by Milmesota Statute 462.3531, this waiver of rights of appeal is effective ~,.J' v U lor the amount 01'$1,87[,642. \ Prior to the preparation of final plans and specitIcations lor the construction of said improvements, the Developer shall provide to the City a cash escrow in the amount of $12,500 to provide for tlnaneing the cost of preparing the Development Contract lmd said tinal plans and specifIcations by the City Engineer. Furthermore, the Developer shall also provide a cash escrow to the City in an amount indicated in writing to provide lor linancing the cost of inspection, staking, and cnnstruction administration by the City Engineer. 5