8.2. SR 06-17-2019 - Laserfiche WebLink

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280571 4.) Land Dedication - In full satisfaction of the dedication requirements of Section 1008.18 of the Subdivision Ordinance, the City agrees to accept and the Developer agrees to pay the sum of $2,800, to the City, which Developer agrees is equivalent to the fair market value of the land which it would be required to dedicate. The above sum shall be paid to the City prior to recording of the final plat. 5.) Security for Developer's Performance - (01) No work shall be commenced under this agreement until the Developer has filed with the City Clerk a cash deposit, a penal bond with corporate surety acceptable to the City, or an irrevocable and unconditional Letter of Credit substantially in the form attached hereto as Exhibit B from an Elk River bank acceptable to the City in the amount of ($_ ) (one hundred percent (1000) of the estimated cost of the Improvements. Said Letter of Credit shall provide that funds shall be paid to the City upon written demand of the City to the extent of default herein by Developer in the construction of the Improvements or in the payment of any sum required by the terms of this Developer Agreement to be paid by Developer to City. (02) Seventy-five percent (75%-) of the security required in accordance with the above shall be released following City acceptance of the Improvements. The remaining 25% shall be released following the expiration of the guarantee period specified in Section 3 (10), or one year following the City's acceptance of work required pursuant to said guarantee, if any. 6.) Additional Conditions - (01) Future Phases - The Subdivision is the first phase of a development which may include future lots. Final plat approval of future phases will be subject to such conditions as shall be imposed by the City Council at the time of final plat approval, including extension of Victoria Drive through the Subdivision to the north. No more lots will be allowed on Victoria Drive until and unless a connection to the City street system is made to the north so that Victoria Drive is no longer a dead end street. (02) Additional Re ulatory rovals - All additional regulatory approvals required for construction of the Improvements or development of the Subdivision shall be obtained before commencement of construction on the Improvements, including a construction permit from the County Engineering Department to have Victoria Drive connect to Meadovale Road. (03) Develo ment Plan - A development plan shall be submitted by Developer and approved by City staff prior to 4.