Agenda - Council - 12/14/2010 - Laserfiche WebLink

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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 financial 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 December 8, 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. Stage I Improvement Warranty Financial Guarantee. In addition to the financial guarantee required by Paragraph 3 above, the PERMITTEE shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 3 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000.00) or five percent (5 %) of the cost of the Stage I Improvements (5% x $), whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I Improvements have been constructed in accordance with City standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it