12-12-2016 Council Packet - Laserfiche WebLink

Home Browse Search

F. All of the proposed lots must contain suitable area meeting all established setback requirements to allow the construction of single family residences. G. Prior to City Council approval of the final Plat, the Developer shall furnish a boundary survey of the Land with all property corner monumentation of the Land in place and marked with lath and a flag. Any encroachments on or adjacent to the Land shall be noted on the survey. H. The Developer shall pay to the city engineer the amounts incurred for the preparation of record construction drawings and City base map upgrading. I. The Developer shall submit the final Plat in electronic format. The electronic format shall be Auto CAD file. The Developer shall also submit two complete sets of the Plat on Mylar (one copy for the City's records and one copy for recording with Hennepin County). The Developer shall also provide one copy reduced to 1" = 200'. 24. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this Contract, payment of the costs of all Improvements and construction of all Improvements, the Developer shall furnish the City with a letter of credit, in the form attached hereto (the "security"), from a bank for 150% of the cost of the Improvements, including any required landscaping. The following is a summary of the security requirements due under this Contract, which must be in place at the time of final plat approval: Landscaping Improvements Total Security $448,442.00 $10,000.00 $45$,442.00 The bank shall be subject to the approval of the City Administrator. The City may draw down the security, upon five (5) business days' prior written notice to Developer, for any violation of the terms of this Contract. Amounts drawn shall not exceed the amounts necessary to cure the default. If the Improvements are not completed at least thirty (30) days prior to the expiration of the security, the City may also draw it down. If the security is drawn down, the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has been completed and financial obligations to the City have been satisfied, with City 190443v2 10