7.16. SR 03-20-1995 - Laserfiche WebLink

Home Browse Search

285090 future phases of the Meadovale Heights Preliminary Plat approved by the City Council. 6.) Security for Developer's Performance - (O1) 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 Three Hundred Sixty-two Thousand Dollars ($362,000) (one hundred percent (100%) of the estimated cost of the Improvements, including wetland mitigation. 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 sums required to be paid by Developer to City pursuant to the terms of this Developer Agreement. (02) Seventy-five percent (75%) of the security required in accordance with the above shall be released following City acceptance of the Improvements, including wetland mitigation. 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. 7.) Additional Conditions - (O1) Future Phases - The Subdivision is the first phase of an SO acre, 113 lot preliminary plat approved by the Elk River City Council on April 19, 1993. Final plat approval of future phase(s) of the Meadovale Heights preliminary plat will be subject to such conditions as shall be imposed by the City Council at the time of final plat approval. (02) Additional Regulatory Approvals - 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. Additional approvals may include Department of Health Permit for the extension of water; Minnesota Pollution Control Agency permit for the extension of sewer; Department of Natural Resources permit for dewatering; construction permit from the Sherburne County Engineering Department to access Meadovale Road. (03) Wetlands - Developer proposes the filling of certain wetlands in connection with development of the Subdivision. Final plat approval is contingent upon, and the final plat shall not be recorded until, approval of an Army Corps of Engineers permit to fill wetlands as proposed by the Developer and approval by the Technical Evaluation Panel of 5.