Agenda - Council - 02/26/2002 - Laserfiche WebLink

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I ! I. I I I I 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 numerical order of the Phasing Plan prepared by Centex Homes and dated ,2002.' Construction may occur in more than one phase at a time, provided the phases are in numerical sequence. It is herein agreed that the number of lots to be developed in each phase may fluctuate, however, any alterations to the numerical sequencing of the Phasing Plan shall be subject to the approval of the City Council. The DEVELOPER also agrees to construct the Stage I Improvements according to the terms and conditions of this agreement and in accordance with DEVELOPERS' plans submitted to the CITY. Said plans shall be in conformance with the Grading, Drainage & Erosion Control Plan consisting of four (4) sheets, prepared by Westwood Professional Services, Inc. dated January 22, 2002, revision date January 31, 2002, and February .15, 2002. The construction plan for the Stage I Improvements was submitted and is subject to the City Engineer'g review and approval prior to commencement of construction. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on or before October 31, 2002. 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 f'mancial guarantee shall be in the amount of One Million Four Hundred Forty Eight Thousand Five Hundred Dollars and no cents ($1,448,500), 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 10-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 8 below has been deposited. 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 Fifty Seven Thousand Nine Hundred Dollars and no cents ($57,900) (5% x $1,158,800). Upon completion of the Improvements to the -113-