Agenda - Council - 10/08/1996 - Laserfiche WebLink

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15. 16. Upon completion of the construction of the Required Improvements, as certified by the City Engineer, the financial guarantee shall be returned to the Permittee. In the event the Permittee fails to conslamct and install the Required Improvements as required herein, the City may complete the Improvements with City day labor and/or by letting contracts for said completion and draw upon the escrow for payment. 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 Permittee shall provide a maintenance guarantee to ensure the survival of the plantings. Said maintenance guarantee shall consist of cash or a letter of credit, approved as to form by the City, in the amount of Dollars and no cents ($. ) for Phase 1, Dollars ($ ) for Phase 2, and Dollars ($. ) for Phase 3. The formula for determining the amount of the maintenance guarantee is as follows: # of plantings x cost/planting x 30% average non-survival rate. The maintenance guarantee shall be in effect for a two year period commencing on the date of the City's acceptance of said plantings as part of the Required Improvements. At the end of the two year period, the maintenance guarantee shall be returned to the Permittee. The determination that al/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 Permittee fails to maintain the required plantings for a two year period, the City 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 Permirtee 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. LOCATION RECOGNITION. The Permittee herein agrees to recognize Ramsey as the C/ty of location for the facility on all forms of advertising and business correspondence. Shorewood Capital, Inc. hereby acknowledges receipt of this permit and that they have reviewed the conditions of this permit and have agreed that they will comply with the terms of this permit. SHOREWOOD CAPITAL, INC. By: Its: fon F. Menke President [q?__ I I I I I I I I I I I I I I I I I I I