Agenda - Council - 12/10/2002 - Laserfiche WebLink

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-142- (f) Electric service (g) Street lights (installment arranged by CITY during Stage I Improvements and paid for by DEVELOPER as Stage II Improvement) ("Stage I Improvements") The DEVELOPER agrees to construct the Stage I Improvements in accordance with the terms and conditions of this agreement and in accordance with the DEVELOPERS' plans submitted to the City. Said plans shall be in conformance with the Final Grading, Drainage & Erosion Control Plan dated October 11, 2002, Storm Sewer and Street Improvements plans dated October 1:1, 2002, ali prepared by John Oliver and Associates. The construction plan for the Stage I Improvements was subm/tted and is subject to the City Engineer's review and approval prior to commencement of construction. Stage I Improvements Completion Date. The Stage I ImProvements shall'be completed on or before December 31, 2003. 8. 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 Thirty Nine Thousand Six Hundred and Twenty Five Dollars and no cents ($39,625.00), 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 terms of any letter of credit shall include a I O-day notice period. The financial guarantee shall be deposited with the CITY at the time of execution of this agreement. From time to time as requested by the DEVELOPER, the CITY will review and amend the amount of financial guarantee based on the work completed. Upon total_ completion of Stage I Improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan) and acceptance by the CITY, the DEVELOPER may request a further reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 9 below has been deposited. 9. 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 five percent (5%) of the estimated cost Of the Stage I Improvements, which equates-to One ThouSand Five Hundred Eighty Five Dollars and no cents ($1,585.00) (5% x $31,700). 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. 10. Stage [ Improvement Maintenance Financial Guarantee..In addition to the f'mancial' guarantee required by Paragraph 7 above, the DEVELOPER shall also post a Stage I Development Agreement/White Oak Addition Page 4 of 11 I I I I I I I I I I I I I I I I I