Agenda - Council - 10/14/2003 - Laserfiche WebLink

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financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been deposited. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the City related to the grading 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 required inspection fees for work done in conformance with the CONSTRUCTION PLANS shall be in the amount of Forty Five Thousand Seven Hundred Dollars and no cents ($45,700) (5% x $914,000) 5% of the estimated cost of the Stage I Improvements being constructed in conjunction with the CONSTRUCTION PLANS. The inspection fees for improvements being constructed in conformance ~with the CONSTRUCTION PLANS shall be deposited with the CITY prior to commencement of the Stage I Improvements shown on the CONSTRUCTION PLANS. Upon completion 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. o Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee for the improvements made as part of the Stage I Improvements shown are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 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 greater. 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 period 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 guarantee 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 CONSTRUCTION PLANS shall be Forty Five Thousand Seven Hundred Dollars and no cents ($45,700). 10. Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of Two Hundred Eighty Three Thousand Twenty Four Dollars and no cents ($201,396.00) (108 units x $1,862/uni0 due on the Plat. The DEVELOPER will be credited for the oversizing of the Sanitary Sewer Trunk line in the amount of $ Therefore, the total amount Sewer and Water Trunk fees owed by the DEVELOPER is $ In lieu of a Lift or Gravity system, between October 2003 and July 2004, the Developer may utilize an alternate temporary holding system that meets the approval of the City Engineer. This temporary holding facility will be the responsibility of the DEVELOPER to pump daily Town Center Gardens Subdivision Development Agreement Page 4 of 12