Agenda - Parks and Recreation Commission - 12/13/2001

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o (" Stage I Improvments") The DEVELOPER agrees to construct the Stage I Improvements in accordance with the numerical order of the Phasing Plan prepared by Westwood Professional Services and dated ,2002. Construction may occur in more than one phase at a time, provided the phases are in nmnerical sequence. It is herein agreed that the DEVELOPER shall provide the CITY with revisions to the Phasing Plan if the number of lots to be final platted in each phase fluctuates. It is herein agreed that alterations to the numerical sequencing of the Phasing Plan shall be subject to the approval of the City Council. The DEVELOPER also agrees to construct the Stage I Improvements according to the terms and conditions of this agreement and in accordance with DEVELOPERS' plans submitted to the CITY. Said plans shall be in general conformance with the Grading, Drainage & Erosion Control Plan consisting of two (2) sheets, prepared by Westwood Professional Services, Inc. dated November 9, 2001, revision date .The final construction plan for the Stage I Improvements shall be submitted to the City Engineer for review and approval prior to commencement of construction. The DEVELOPER shall be responsible for completing the rough grading and providing lot coruer stakes prior to the installation of underground utilities. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on or before ., 2002. Stage I Improvement Financial Guarantee. The' DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely, completion. The financial guarantee shall be in the amount of Dollars and no cents ( ), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this paragraph shall be in the form of cash or a letter of credit, approved as to form by the CITY. The financial guarantee shall be deposited with the CITY at the time of execution of this agreement. Upon total completion of Stage I Improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER may request a reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been deposited. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the City related to the installation of Stage I Improvements. The DEVELOPER shall make a cash deposit into the appropriate escrow account at the City and the City shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to ten percent (10%) of the estimated cost of the Stage I Improvements, which equates to Dollars and no cents ($. ) (10% x $__ __). Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER.