Agenda - Council - 12/18/2001 - Laserfiche WebLink

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11. 12. 13. IMPROVEMENT CONSTRUCTION SCHEDULE. be completed before January 31, 2003. The Required Improvements shall ESCROW FOR REQUIRED IMPROVEMENTS. In order to ensure the installation of the Required Improvements in accordance with City specifications and in a timely manner, the Permittee shall be required to deposit with the City a cash escrow or letter of credit, approved as to form by the City, in the amount of two hundred thirty thousand dollars and no cents ($230,000) which is 150% of the City's estimated cost of the-Improvements. Prior. to the- issuance of the building permit, all financial guarantees must be provided as required herein. Upon completion of the construction of the Required Improvements, the financial guarantee shall be returned to the Permittee and the Permittee shall be required to provide the landscaping maintenance guarantee described in Item #13 of this Development Permit. The determination of completion of the construction of the Required' Improvements shall be made by the City Council after consultation with the City Engineer. In the event the Permittee fails to construct and install the Required Improvements as required herein, the City Council may order the. completion of the Required Improvements with City day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Only the City Council shall have the authority to direct completion of the Required Improvements and withdraTM from the escrow account. The Permittee hereby grants permission and a license to the City and/or its contractors and assigns to enter upon the Site for the purpose of completing the construction and installation of the Required Improvements in the event of the Permittee's default. MAINTENANCE GUARANTEE FOR LANDSCAPING: It is herein agreed that the Developer shall provide a maintenance guarantee to ensure the survival of the.plantings for the Birch Hill Lodges Subdivision. Said maintenance guarantee shall consist of cash or a Letter of Credit, approved as to f0'rm' by the City, in the amount of eleven thousand six hundred and no cents ($11,600) [# plantings (116 trees; 0 shrubs) x cost/planting($100/tree, $50/shrub x 30% average non-survival rate], which shall be in effect for a two-year period commencing on the date of the Clty's acceptance of said plantings as part of the Required Improvements. At th~ end of the two-year period, the maintenance guarantee shall be returned to ihe Developer. The determination that all plantings that have been planted in accordance with the Site Plan have either survived or have been replaced shall be made by the City Engineer. In the event the Permit-tee fails to maintain the required plantings for a two-year period, the City Council may order the replacement of plantings with City day labor and/or by letting contracts and draw upon the escrow for payment. Only the City Council shall have the authority to direct replacement of the plantings and withdraw from the escrow account. The Permittee hereby grants permission and a license to the City and/or its contractors and assigns to enter upon the Site for .the purpose of replacing plantings in the event of the Permittee's default. Birch Hill Lodges Development Permit Page 3 of 5 -187-