Agenda - Council - 10/23/2012 - Laserfiche WebLink

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6. Time of Performance. PERMITTEE shall install all Stage I Improvements by October 23, 2013. PERMITTEE 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 PERMITTEE to reflect any cost increases. 7. Ownership of Improvements. Upon the completion of the work and construction required to be done by this Contract, the Stage I Improvements lying within public easements shall become CITY property without further notice or action. 8. License. PERMITTEE hereby grant the CITY, its agents, employees, officers, and contractors, a license to enter the Plat to perform all necessary work and/or inspections, on each respective property, deemed appropriate by the CITY during installation of Stage I Improvements by the CITY. The license shall expire after the Stage I Improvements installed pursuant to this Contract have been installed and accepted by the CITY. 9. Stage II Improvements. The Stage II Improvements which the CITY requires PERMITTEE to construct within the Allina Lot are as follows: a) Street striping and signing (complete) b) Seal coating (complete) c) Street lights d) Inspections e) Monuments f) Stage II cash deposit ("Stage II Improvements") 10. Clean Up. PERMITTEE shall promptly clear from public streets and property any soil, earth, or debris resulting from the construction work on the Property. 11. Payment for Stage II Improvements. PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage II Improvements and their timely completion. PERMITTEE shall be responsible for a fmancial guarantee in the amount of Dollars and No Cents ($ .00), which amount is 125% of the City Engineer's estimated cost of Stage II Improvements. The financial guarantee shall be deposited with the CITY at the time of recording of the Plat. Upon completion of Stage II 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, any surplus remaining balance in the CITY's escrow account shall be promptly refunded to PERMITTEE. 12. Street Cleaning. After the street surfacing is installed, PERMITTEE, shall clear any soil, earth, or debris from the streets resulting from any construction within the Plat by each of them. From time to time, the CITY may remove accumulations of soil, earth, and debris from the streets resulting from the construction of the plat. It shall be PERMITTEE'S responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY to PERMITTEE for such costs shall be paid within fifteen (15) days of the date of the invoice.