April 18, 2006 CCP - Laserfiche WebLink

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4.02 Estimated Cost of Developer Secured Improvements. The estimated costs of Developer constructed improvements are as follows: Improvement Estimated Cost Site Grading/Turf Restoration (Valley Branch Watershed) Landscaping/Trails $ 308,000 Storm Sewer $ 310,000 Street Improvements $ 194,000 Waste Water Treatment System/Drain Fields $ 485,000 Street Signs $ 1,000 Water Mains $318,000 Subtotal $1,616,000 Total Security Required (125% of Improvements) $2,020,000 4.03 Improvement Security. Prior to the City's endorsement of approval on the final plat, the Developer shall deposit security with the City Administrator in an amount equal to 125% of the City Engineer's estimate of the cost of constructing the Developer secured improvements which have not been completed and accepted by the City prior to final plat approval. The security may be in the form of a cash escrow fund, a performance bond, or a letter of credit. The form of security shall be approved by the City Attorney. 4.04 Reduction of Security. Upon completion of required improvements for the Property and acceptance by the City, the City Council shall reduce the amount of security for the completed improvements provided that in no case shall the total remaining security be equal to less than 125% of the estimated costs of the incomplete improvements. 4.05 Administrative Fees. Developer agrees to pay an administrative fee to the City in an amount equal to 2.5% of the Developer's secured improvements. The administrative fee for this project equals $40,400. 4.06 Utility Company Improvements. The utility improvements include underground gas, electric, and telephone service as installed by the appropriate utility company at the direction of the Developer. The Developer shall arrange for the installation of underground gas, electric, telephone and cable television before the final lift is started. Utility improvements shall be completed by the 315Y day of October, 2006.