Agenda - Council - 08/23/2011 - Laserfiche WebLink

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a permanent trail connection between Nowthen Boulevard and Cobalt Street (ultimately to Sunwood Drive) on the Property. 4. Stage I Improvement Financial Guarantee. The PERMITTEE shall provide a fmancial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of Dollars and No Cents ($ .00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements. The financial guarantee shall be deposited with the CITY at the time of execution of this Contract. Upon 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 PERMITTEE may request a reduction in the amount of the financial guarantee, but only if the maintenance guarantees required by Paragraph 8 & 9 below has been deposited. 5. Inspection Fees. PERMITTEE shall be responsible for all inspection costs incurred by the CITY related to the installation of the Stage I Improvements that require inspection by the City. PERMITTEE shall be responsible for all inspection costs incurred by the CITY related to the installation of the Stage I Improvements in the amount of Dollars and No Cents ($ .00), which equals 5% of the City Engineer's estimated cost of the Stage I Improvements. PERMITTEE shall deposit said amount as a cash escrow held by the CITY. PERMITTEE agrees that said fees may be used to complete the Improvements in the event of default by the PERMITTEE. Upon completion of the Stage I Improvements and final inspection and acceptance by the CITY, the remaining balance in the escrow account shall be returned to PERMITTEE. 6. Stage I Improvement Installation. The Stage I Improvements shall be installed in accordance with the Plans and in accordance with CITY standards and the City Code. The PERMITTEE shall obtain all necessary permits from all agencies before proceeding with construction of the Stage I Improvements. Within thirty (30) days after the completion of the Stage I Improvements, the PERMITTEE shall have prepared a complete set of reproducible "As Built" plans for the Stage I Improvements, developed by a certified engineer and subject to the approval of the City Engineer. 7. Time of Performance. PERMITTEE shall install all Stage I Improvements by August 9, 2012. The DEVELOPER may, however, request an extension of time from the CITY. If an extension is granted, it shall be conditioned upon updating the security posted by the DEVELOPER to reflect cost increases. Stage I Improvement Warranty Financial Guarantee. A Stage I Improvement Warranty Financial Guarantee shall be required for Stage I Improvements. The PERMITTEE shall deposit as cash escrow or letter of credit the amount of Dollars and No Cents ($ .00), which is equivalent to 9. Maintenance Guarantee for Landscaping. The PERMITTEE shall provide a maintenance guarantee to ensure the survival of the plantings in the Plat. Said maintenance guarantee shall consist of cash or a Letter of Credit, approved as to form by STONEY RIVER Development Agreement Page 3 of 12