Agenda - Council - 07/24/2012 - Laserfiche WebLink

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I Improvement Warranty Financial Guarantee shall be collected at the time the Stage I Improvements are accepted as complete by the CITY. The Letter of Credit shall be to form and substance as approved by the City. 9. Maintenance Guarantee rfor Landscaping. The Maintenance Guarantee for Landscaping is covered as part of the Development Permit. 10. Ownership of Improvements. Upon completion and acceptance by the CITY, the Stage I Improvements lying within public easements shall become CITY property without further notice or action. 11. License. PERMITTEE hereby grants to the CITY, its agents, employees, officers and contractors, a license to enter the Property from time to time in order to perform all work and/or inspections deemed appropriate by the CITY during installation of the Improvements. This license shall expire after the Improvements installed pursuant to this Contract have been installed and accepted by the CITY. 12. Stage II Improvements. The Stage II Improvements which the CITY requires PERMITTEE to construct, which are not otherwise included in the Stage I Improvements, are as follows: a. Monument stakes for the Plat PERMITTEE agrees to construct the Stage II 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 June 29, 2011, revised August 9, 2011 and which shall be submitted to the City Engineer for review and approval prior to execution by PERMITTEE of any such contract and prior to commencement of construction of the Stage I Improvements. LORD OF LIFE LUTHERAN CHURCH, a non-profit corporation under the laws of the State of Minnesota,agrees to complete the Stage II Improvements in the event of PERMITTEE default. 13. Payment for Stage II Improvements. PERMITTEE shall be responsible for a financial guarantee for the Stage II Improvements to ensure timely completion of the Stage II Improvements. PERMITTEE shall be responsible for a fmancial guarantee for Stage II Improvements in the amount of 125% of the City Engineer's estimated cost of the State II Improvements. PERMITTEE shall deposit said amount as a letter of credit or cash escrow at the time of execution of this Contract. 14. This paragraph intentionally deleted 15. Street and Public Property Cleaning. PERMITTEE shall clear any soil, earth or debris from the streets, public property and Stormwater facilities resulting from any construction within the Property. From time to time and upon not less than thirty six (36) hours prior notice to PERMITTEE, the CITY may remove, at the expense of PERMITTEE, accumulations of soil, earth and debris from the streets and Stormwater facilities within the Property resulting from construction of the Stage I Improvements, and PERMITTEE STONEY RIVER Development Contract Page 4 of 13