Agenda - Council - 05/12/2009 - Laserfiche WebLink

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h. Irrigation rain sensors shall be installed and appropriately placed throughout the development; i. Establishment of turf in areas disturbed during construction and in accordance with the Plat. Temporary and permanent erosion control ("Required Improvements)". The PERMITTEE agrees to construct the Required Improvements according to the terms and conditions. of this agreement and in accordance with PERMITTEE'S plans submitted to the CITY. The PERMITTEE shall be responsible for completing the rough grading and providing lot corner stakes prior to the installation of underground utilities. 10. Required Improvements Completion Date. The Required Improvements shall be completed on or before May 14, 2009. 11. Required Improvements Financial Guarantee. In order to ensure the installation of the Required Improvements in accordance with City specifications and- in a timely manner, the PERMITTEE shall be .required to deposit with the City a cash escrow or letter of credit, approved as to form by the City, in the amount of One Hundred Fifty Thousand One Hundred Sixty Two- Dollars and no cents. ($150,162.00); which is 125% of the City's estimated cost of the Improvements. Prior to the issuance of any permit, all financial guarantees mustbe provided as required herein. Upon completion of the construction of the Required Improvements, the financial guarantee shall be returned to the PERMITTEE and the PERMITTEE shall be required to provide the landscaping maintenance guarantee .described in Item #14 of this Development Agreement. The determination of completion of the construction of the Required Improvements shall be made by the City Council after consultation with the City Engineer. In the event the PERMITTEE fails to construct and install the Required Improvements as required herein, the City Council may order the completion of the Required Improvements with City day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Only the City Council shall have the authority to direct completion of the Required Improvements and withdraw from the escrow .account. The PERMITTEE hereby grants permission and a license to the City and/or its contractors and assigns to enter upon the Site for the purpose of completing the construction and installation of the Required Improvements in the event of the PERMITTEE'S default. 12. Inspection Fees. The PERMITTEE shall be responsible for all inspection costs incurred by the City related to the installation of Required Improvements. The PERMITTEE 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 five percent (5%) of the. estimated cost of the Required Improvements, which equates to (5% x }. Upon NAU Parking Lot Expansion PSD, LLC Development Permit Page 4 of 9 -210-