Agenda - Council - 02/12/2013 - Laserfiche WebLink

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4. Additional Requirements Related to Certain Stage I PERMITTEE Improvements. The PERMITTEE must construct and complete the Stage I PERMITTEE Improvements related to the connection to Town Center Drive under traffic and shall not result in the closure of Town Center Drive. 5. Lot Corner Staking.. The PERMii ILE must install lot corner stakes at all lot corners prior to the installation of the underground utilities described in Sections 3. 6. Stauc I uveiiieiit Financial Guarantee. The PERMITTEE shall provide a financial 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 Five Hundred Fifty Six Thousand Two Hundred Fifty Dollars and No Cents ($556,250.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements. 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. 7. Inspection Fees for the Stage I Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Stage I Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of Twenty Two Thousand Two Hundred Fifty Dollars and No Cents ($22,250.00), which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements. The inspection fee must be in the form of a cash escrow. The PERMITTEE may request a refund of the remaining balance in the escrow upon completion of the Stage I Improvements, acceptance by the CITY, and supported by appropriate lien waivers. 8. Installation of the Stage I Improvements. The PERMITTEE shall obtain all necessary permits from all governmental agencies before cummelleing construction of the Stage I Improvements. The PERMITEE must provide the CITY with copies of all necessary permits from other governmental agencies prior to or when the PERMITTEE applies for a building permit to construct improvements on a lot within the Plat. Within thirty (30) days after the completion of the Stage I Improvements and as a condition of the CITY'S release of the greater of the last ten percent (10%) or the last $ of the security described in Section 3 above, the PERMITTEE shall provide the CITY with a complete set of reproducible "As Built" plans for the Stage I Improvements. 9. Time of Performance for the Sta,gp I Impiuveiiieiiis. The PERMITTEE must complete the Stage I Improvements within one (1) year after the recording of the Plat. 10. Ownership of the Stag, I Impyovements. The PERMITTEE owns the Stage I Improvements until the CITY'S acceptance of the Stage I Improvements. Title to the Stage I Improvements automatically passes to the CITY upon the CITY'S 3 4988262v4