1994-05-02 Summary of Important points for DA
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SUMMARY OF IMPORTANT POINTS OF PSYK'S
6TH ADDITION DEVELOPER'S AGREEMENT
May 2, 1994
Below is a summary of the major points of the Psyk's sixth
Addition Developer's Agreement. Because the fine points of the
agreement have been left out of this summary, please refer to the
Agreement itself for more detail regarding the terms of the
agreement.
Paragraph
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1. Developer will install sanitary and storm sewer, water
and streets ("Municipal Improvements") at Developer's
expense and according to city specs. Installation by
September 30, 1995, and Developer shall provide the City
with lien waivers. All improvements wlll be warranted by
Developer for two years from the date the city accepts
the project.
2. Developer will grade the lots, install top soil, sod,
front yard trees, hard surface driveways and take steps
to control erosion (Site Improvements"). Developer will
also have telephone, gas and electricity installed. All
installations shall be at Developer's expense and
installed by June 30, 1997.
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Developer agrees to post a surety with the city in the
amount of $28,724 ($114,895.20 x 25%) to secure the
installation of the Municipal Improvements and to post a
surety in the amount of $5,175 (18 lots x $575 per lot x
50%) to secure the installation of the site Improvements.
If sureties prove insufficient to cover any work left
uncompleted by Developer, city may assess any additional
costs against Developer's land.
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6. Developer will pay all city costs and expenses related to
the project.
7. Developer will comply with erosion control plan,
including construction of a siltation/retention pond.
8. Developer will keep the construction sites clean
and will repair any damage to public property due
to construction on the plat.
10. Under the terms of the assessment appeal settlement
entered into with the Psyks, the city has guaranteed
sewer service for all lots in psyk' s 6th addition.
Consequently, the paragraph normally included in
Developer's agreements which states that the city does
not guarantee sewer service has been omitted.
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12. If the Developer defaults on any portion of the
agreement, the city will give the developer 30 days
notice of such default prior to drawing upon the letter
of credit.
13. Three issues remain in relation to park dedication:
a. When Psyk's Fifth Addition was platted, only a
small portion of land was dedicated as park
property, and the Developer agreed to pay
additional cash or more land, at the city's
preference, to be determined at a later date (when
additional land is platted) .
b. This plat received preliminary plat approval in
1993 when Psyk's 5th addition was approved. At
that time, the park dedication fee was $170 per
lot. This fee has subsequently been changed to
$500 per lot. The park dedication ordinance
requires that the fee be calculated based upon the
rates established by the City and in effect as of
the date of the release of the final plat for
filing. This seems to indicate that a park
dedication fee of $500 per lot would be required,
but because of the timing of the preliminary plat
approval, the Council may wish to address this
issue specifically.
c. If the city is to defer the park dedication
requirements until additional plats are developed,
I would recommend that the Council direct the parks
commission to begin working with the Developer to
determine where such a park may be located and how
large such a park may be.
14. This agreement applies to Psyk's sixth Addition and not
to any other development or phase of development.
15. Developer holds the City harmless from claims made by
Developer and third parties for damages sustained as a
result of plat approval and development.
16. Developer is personally bound by the Developer's
Agreement. The Developer'S Agreement shall be released
upon fulfillment of all terms of the agreement.
17. Developer will pay all reasonable attorney's fees
incurred by the City if the City must sue to enforce this
agreement.
21. The agreement will bind all successors and assigns of the
Developer.
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