Agenda - Council - 05/10/2011 - Laserfiche WebLink

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i. Rough grading in right-of-way of Bunker Lake Boulevard and required removals consistent with City plans prepared by WSB dated J. As-builts in scalable, reproducible format, public and private Stormwater ponds and utilities as part of Stage I Permittee Improvements. A Stage I Permittee Improvement Financial Guarantee shall be provided as required in Paragraph 6 below in conjuction only with items a, e, f, h, i and j above. PERMITTEE agrees to construct the Stage I Permittee Improvements according to the terms and conditions of this Contract and in accordance with the Permittee Plans, which are subject to revisions per City Staff Review Letter dated December 8, 2010, and which, together with each contract for construction of the Permittee Improvements, shall be submitted to the City Engineer and to PERMITTEE for their review and approval prior to execution by PERMITTEE of any such contract and prior to commencement of construction of the Stage I Permittee Improvements. 5. Assessment Agreement. PERMITTEE and the CITY shall execute and deliver an Assessment Agreement (the "Assessment Agreement"), substantially in the foul' and substance attached hereto as Exhibit "A" prior to commencement of the Stage I City Improvements. { Formatted: Highlight 6. Stan I Improvement Financial Guarantee. PERMITTEE shall not be responsible for a financial guarantee for the Stage I City Improvements. PERMITTEE shall be responsible for a financial guarantee for the Stage I Permittee Improvements to insure timely completion of the Stage I Permittee Improvements. PERMITTEE agrees that the Certificate of Occupancy shall not be released until the Stage I Permittee Improvements are completed. PERMITTEE shall be responsible for a financial guarantee for any remaining Stage I Permittee Improvements that are not complete at the time a City required Certificate of Occupancy is requested by PERMITTEE equal to the amount of 125% of the City Engineer's estimated cost of the remaining Stage I Permittee Improvements. The said financial guarantee shall be in the form of a letter of credit or cash escrow held by the CITY. PERMITTEE agrees to provide the City with ( Formatted: Font: Bold documentation from applicable utility companies that said utility has been satisfied as to Stage I Permittee Improvements and properly paid for said work-0r provide appropriate lien waivers. The PERMITTEE may apply for reductions in the Letter of Credit or cash escrow as the Stage I Permittee Improvements are completed and accepted by the City. Upon completion of the Stage I Permittee Improvements and fmal inspection and acceptance by the City, any remaining balanced on the letter of credit or escrow account shall be promptly returned to the Permittee. 7. Inspection Fees. PERMITTEE shall be responsible for all inspection costs incurred by the CITY related to the installation of the Stage I Permittee Improvements. PERMITTEE shall be responsible for all inspection costs incurred by the CITY related to the installation of the Stage I Permittee Improvements in the amount of Dollars and No Cents ($ .00), which equals 5% of the City Engineer's estimated cost of the Stage I Permittee Improvements. PERMITTEE shall deposit said amount as a cash ALPHA DEVELOPMENT/Legacy Christian Academy Development Contract Page 4 of 18 Formatted: Highlight