Agenda - Council - 09/09/2003 - Laserfiche WebLink

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guarantee for Grading .and Phase I Improvements shall be deposited with the CITY at.;~he time of execution of this agreemeht and recording of final plat, respectively. U pon t oral 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, the DEVELOPER may request a 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 shah be responsible for all inspection costs incurred by the City related to the Fading and 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 for inspection fees for work being undertaken as part of the GRADING PLAN shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements. This amount is Eight Thousmqd Seven Hundred Dollars and no cents ($8,700) (5% x $174,000) and must be deposited prior to the commencement of tl~e improvements shown on the GRADING PLAN. The required inspection fees for work done in conformance with the OTHER CONSTRUCTION PLANS shall be in the amount of Forty Five Thousand Seven Hundred Dollars and no cents ($45, 700) ( 5% x $ 914,000) 5 % o fthe e st/mated cost o fthe Stage I Improvements being constructed in conjunction with the OTHER CONSTRUCTION PLANS. The inspection fees for. improvements' being constructed in conformance with the OTHER CONSTRCTION PLANS shall be deposited with the CITY prior to commencement of the Stage I Improvements shown on the OTHER CONSTRUCTION PLANS. Upon cgmpletion 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. Stage'I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Para~aph 6 above, the DEVELOPER shall also post a Stage I hnprovement maintenance guarantee with the CITY. Said maintenance guarantee for the improvements made as part of the Stage I Improvements shgwn are accepted by the CITY and pr/or to release by the CITY of the financial guarantee required by Para~aph 6 above. The amount of the maintenance guarantee for the improvements made as part of the Stage I Improvements shall be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements (5% x $914,000), whichever is ~eater. Said maintenance guarantee for the improvements made as part of the Stage I Improvements shall be held by the CITY for a one (1) year per/od from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I Improvements being constructed in conjunction project 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 necessary to repair and/or replace any of the Stage I improvements. Said financial gx~arantee shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance guarantee for the improvements made as part of the OTHER CONSTRUCTION PLANS shall be Forty Five Thousand Seven Hundred Dollars and no cents ($45,700). Town Center Gardens Subdivision Development Agreement Page 4 of 12 -189-