Agenda - Council - 10/26/2010 - Laserfiche WebLink

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be completed under traffic, be brought up to grade, and must restored to existing conditions within 24 hours. The Permittee shall be responsible for completing the rough grading and providing lot corner stakes prior to the installation of underground utilities as set forth above. Stage I Improvement Financial Guarantee. The Permittee shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The Permittee shall be responsible for a fmancial guarantee in the amount of Dollars and No Cents ($ .00), which amount is 125% of the CITY Engineer's estimated cost of Stage I Improvements. The financial guarantee shall be deposited with the CITY at the time of execution of this Contract. Upon 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, any surplus remaining balance in the CITY's escrow account shall be promptly refunded to the Permittee. 4. Inspection Fees. The Permittee shall be responsible for all inspection costs incurred by the CITY related to the installation of Stage I Improvements. The Permittee shall make a cash deposit into the appropriate escrow account at the CITY, and the CITY shall have 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 Stage I Improvements. The Permittee shall be responsible for a cash deposit in the amount of Dollars and No Cents ($ .00). Upon completion of the Improvements to the satisfaction of the CITY, any surplus remaining balance in the CITY's escrow account shall be promptly refunded to the Permittee. 5. Installation. Stage I Improvements shall be installed in accordance with the Plans and in accordance with CITY standards, City Code and those plans and specifications which have been prepared by a registered professional engineer presented to the CITY by the Permittee and approved by the CITY Engineer. The Permittee shall obtain all necessary permits from all agencies before proceeding with construction and the Stage I Improvements. Within thirty (30) days after the completion of the Improvements and before the security is released, the Permittee shall supply the CITY with a complete set of reproducible "As Built" plans developed by a certified engineer. 6. Time of Performance. The Permittee shall install all Stage I Improvements by October 12, 2011. The Permittee may, however, request an extension of time from the CITY. If an extension is granted, it shall be conditioned upon updating the security posted by the Permittee to reflect any cost increases. 7. Ownership of Improvements. Upon the completion of the work and construction required to be done by this Contract, the Stage I Improvements lying within public easements shall become CITY property without further notice or action. The Permittee shall provide a one (1) year warranty for the improvements, guaranteed by a qualified contractor in writing. Such warranty shall be signed and notarized by the contractor. In addition, the Permittee shall provide a one year warranty bond or other approved security in the amount of these percent (3 %) of the cost of these improvements.