Agenda - Council - 08/02/2011 - Special

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timely completion. The PERMITTEE agrees that the Certificate of Occupancy shall not be released until the Stage I Improvements are completed. The JERMITTEE shall be responsible for a financial guarantee for any remaining Stage I 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 Improvements.in the amount of Four Hundred Seventy Four Thousand Nino Hundred Twenty Dollars and No Conn; ($379,936 x 1.25 — $474,920.00), which amount is 125 ° / of tho City Enginoor's ostimatod c st f Stage I Improvements. The said fmancial guarantee shall be in the form of a letter of credit or cash escrow held by the CITY. TERMITTEE agrees to provide the CITY with documentation from applicable utility companies that said work has been satisfied as to Stage I Improvements and properly paid for said work or provide appropriate lien waivers. The PERMITTEE may apply for reductions in the letter of credit or cash escrow as the Stage I Improvements are completed and accepted by the CITY. dopositod with tho CITY at tho timo of execution of thin Contract. Upon completion of Stage I Improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan)- and final inspection and acceptance by the CITY, cupportod by appropriate lion waivers, any -surplus remaining balance on the letter of credit or in the CITY' s escrow account shall be promptly refunded to the PERMITTEE. For the purposes of this Contract, all Stage I Improvements listed are considered private with the exception of (b) street upgrades and repairs. Maintenance Guarantee for Landscaping. The PERMITTEE shall provide a maintenance guarantee escrow to ensure the survival of the plantings required of the PERMITTEE (the "Escrow "). The Escrow shall consist of cash or a letter of credit, approved as to form by the CITY, in the amount of two thousand two hundred and five Dollars and No Cents ($2,205.00) [# plantings (12 trees, 50 shrubs) x cost/planting ($300 /tree, $75 /shrub) x 30% average non - survival rate], which 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. The determination that all plantings planted in accordance with the Plans have either survived or have been replaced shall be made by the CITY's Community Development Department. In the event the PERMITTEE 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 Plat for the purpose of replacing plantings in the event of the PERMITTEE default. At the end of the two -year period, the Escrow, less any expended maintenance as described above, shall be returned to the PERMITTEE. 4. Inspection Fees. The PERMITTEE shall be responsible for all inspection costs incurred by the CITY related to the installation of Stage I Improvements. The PERMITTEE shall make a cash deposit into the appropriate escrow account at the CITY, and the CITY shall have 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. The PERMITTEE shall be responsible for a cash deposit in the amount of Eighteen Thousand Nine Hundred Ninety Six Dollars and No Cents ($379,936 x .05 = $18,996.00). Upon completion of the Stage I Improvements to the satisfaction of the CITY, any surplus remaining balance in the CITY's escrow account shall be promptly refunded to the PERMITTEE. Cross of Hope Development AgremnetnContract May, 2011 3 Formatted: Font: Bold l Formatted: Font: Bold Formatted: Font: Bold l Formatted: Font: Bold l Formatted: Font: Bold l Formatted: Font: Bold Formatted: Font: Bold