Agenda Files City Council Packet 07-21-2025

Home Browse Search

229446v1 A. Sanitary Sewer $ 1,080,017.50 B. Watermain $ 1,267,984.00 C. Storm Sewer/Draintile $ 1,908,098.05 D. Streets $ 2,202,248.05 CONSTRUCTION SUB-TOTAL $ $ 6,458,347.60 OTHER COSTS: A. Lot Corners/Iron Monuments $ 11,300.00 OTHER COSTS SUB-TOTAL $ 11,300.00 TOTAL SECURITIES: $ 6,469,648.60 This breakdown is for historical reference; it is not a restriction on the use of the security. The bank shall be subject to the approval of the City Administrator. The City may draw down the security, on five (5) business days written notice to the Developer, for any violation of the terms of this Contract or without notice if the security is allowed to lapse prior to the end of the required term. If the required public improvements are not completed at least thirty (30) days prior to the expiration of the security, the City may also draw it down without notice. 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 approval the security may be reduced from time to time by ninety percent (90%) of the financial obligations that have been satisfied. Ten percent (10%) of the amounts certified by the Developer's engineer shall be retained as security until all improvements have been completed, all financial obligations to the City satisfied, the required "as constructed" plans have been received by the City, a warranty security is provided, and the public improvements are accepted by the City Council. The City’s standard specifications for utility and street construction outline procedures for security reductions. 25. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash requirements under this Contract which must be furnished to the City prior to the City Council signing the final plat: Page 75 of 299