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

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necessary to repair and /or replace any of the Stage I improvements. Said financial guarantee shall be in the fonn of a letter of credit, approved as to fonn by the CITY. The maintenance guarantee shall be in the amount of Dollars and No Cents ($ .00 x 0.05= $ .00). 8. 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 and subject to the warranty financial guarantee listed in Item 47 of this Contract. Such warranty shall be signed and notarized by the contractor. 9. License. The PERMITTEE hereby grants the CITY, its agents, employees, officers, and contractors, a license to enter the Plat to perform all necessary work and /or inspections, on each respective property, deemed appropriate by the CITY during installation of Stage I Improvements by the CITY. The license shall expire after the Stage I Improvements installed pursuant to this Contract have been installed and accepted by the CITY. 10. Stage II Improvements. The Stage II Improvements which the CITY requires the PERMITTEE to construct are as follows: a) Street striping and signing b) Traffic signing c) Future through street signing d) Street lights e) Street light maintenance f) Street sweeping g) Seal coating ("Stage II Improvements ") Total: 11. Stage II Improvements to remaining outlots. The Stage II Improvements will be completed when the status of remaining outlots is changed by the filing of a separate plat for the outlots. 12. Clean Up. The PERMITTEE shall promptly clear from public streets and property any soil, earth, or debris resulting from the construction work on its respective lots. 13. Payment for Stage II Improvements. The PERMITTEE shall provide a three year operation and maintenance payment for boulevard street lights in the amount of Dollars and No Cents ($ .00). The payment shall be deposited with the CITY at the time of execution of this Contract. Required improvements will be completed when outlot status has changed by filing a separate plat. Stage II 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 have been approved by the City Engineer.