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

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8. Required Improvements Financial Guarantee. The PERMITTEE agrees that no Certificate of Occupancy shall be issued until such time the Required Improvements are completed. If the PERMITTEE requests a Certificate of Occupancy prior to completion of the Required Improvements, the PERMITTEE shall be required to deposit with the City a cash escrow or letter of credit, approved as to form by the City, in the amount 125% of the City's estimated cost of the uncompleted Required Improvements. Prior to the issuance of the building permit, all financial guarantees must be provided as required herein. [NOTE: If the Developer has bids for the required improvements that are proven to be lower than our Engineer's Estimate, the City Engineer will take those bids in consideration for the financial guar tee. Bids may need to be accepted and signed to be used for this purpose.] Upon completion of the construction of the Required Improvements, the financial guarantee shall be returned to the Permittee and the Permittee shall 1 required to,, .rovide the landscaping maintenance guarantee described in Paragraph 12- of this Dev .ment Permit. The determination of completion of the construction of the Required Improv: s shall be made by the City Council after consultation with the City Engineer. In the event rmittee fails to construct and install the Required Improvements as required herein, the City Council'may order the completion of the Required Improvements with City day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Onlyytie City Council shall have the authority to direct completion of the Required Improvements and withdraw from the escrow account. The Permittee hereby gr ermission and a license to the City and/or its contractors and assigns to enter upon the Site fo purpose of completing the construction and installation of the Required Improvements in the e nt of the rmittee's default. 9. Inspection Fees. The City related to the deposit into the , r development funds for the pu be equal to five perc to t • 4111 equired y s escrow acc op Su ri Subject Do em hall b Permittee shall e responsibl inspection costs incurred by the n of Required Improveme . The Permittee shall make a cash arow account at the City, prior to the issuance of any permit for the P perty, and the City shall have the authority to draw upon these f com ® nsating for inspection services. The amount of the deposit shall 5% ated cost of the Required Improvements, which equates o ($ .00) (5% x $ ). Upon completion of en e satisfaction of the City, any surplus balance remaining in the to the Permittee. d q SECTION II PERMITS AND OCCUPANCY 10. No building permit for any lot in the Plat shall be issued until: (a) a Class 5 driving surface is installed to within 300 feet of the proposed structure; (b) a Certificate of Survey, including the survey information required by the CITY, has been supplied to the CITY Building Official; (c) all the financial guarantees required by the CITY have been satisfied; (d) a permit from the Lower Rum River Watershed Management Organization has been obtained; (e) a permit from Anoka County Soil Conservation District has been obtained (if necessary); and (f) this Contract has been signed and received by the CITY. 11. No Certificate of Occupancy for any lot in the Plat shall be issued until: (a) vehicular access to the lot is provided, including installation of at least one layer of bituminous surfacing; (b) all utilities are in place, operational and accepted by the CITY in accordance with this Agreement: (c) for lots that have a slope of less than 2%, a Stoney River Development Permit Page 3 of 6