Agenda - Council - 03/26/2013 - Laserfiche WebLink

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o. Water shut off boxes (already completed) p. Easement acquisition q. As -built plans (covered in Development Permit) r. Stage I financial surety ("Stage I Improvements") PERMITTEE agrees to construct the Stage I Improvements according to the terms and conditions of this Agreement and in accordance with the Plans. The Plans are subject to revisions per City Staff Review Letter dated September 28, 2012. The final construction plans for the Stage I Improvements shall be submitted to the City Engineer for review and approval prior to commencement of construction on the Stage I Improvements. PERMITTEE agrees to provide specifications, subject to review and approval of the City Engineer, for construction and restoration of utilities within Sunwood Drive. Work must be completed under traffic, be brought up to grade, and must restored to existing conditions within 24 hours. PERMITTEE shall be responsible for completing the rough grading of the Property and providing lot corner stakes prior to the installation of underground utilities as set forth above. 4. Stage I Improvement Financial Guarantee. PERMITTEE shall provide a fmancial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. PERMITTEE shall be responsible for a fmancial guarantee in the amount of Twenty -Three Thousand Six Hundred Eighty -Five Dollars and No Cents ($23,685.00), which amount is 125% of the City Engineer's estimated cost of Stage I Improvements. The financial guarantee shall be deposited with the CITY at the time of recording of the Plat. 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, any surplus remaining balance in the CITY' s escrow account shall be promptly refunded to PERMITTEE. 5. Inspection Fees. PERMITTEE shall be responsible for all inspection costs incurred by the CITY related to the installation of Stage I Improvements that require inspection by the CITY's Engineering Division. PERMITTEE shall make a cash deposit into the appropriate escrow account at the CITY, and the CITY shall have authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements. PERMITTEE shall be responsible for a cash deposit in the amount Nine Hundred Forty -Seven Dollars and No Cents ($947.00). Upon completion of the Improvements to the satisfaction of the CITY, any surplus remaining balance in the CITY's escrow account shall be promptly refunded to PERMITTEE. 6. Installation. Stage I Improvements shall be installed in accordance with the Plans and in accordance with CITY standards, City Code and those plans and specifications which have been prepared by a registered professional engineer presented to the CITY by PERMITTEE and approved by the City Engineer. PERMITTEE shall obtain all necessary permits from all agencies before proceeding with construction and the Stage I Improvements. Within thirty (30) days after the completion of the Stage I Improvements and before the security is released, PERMITTEE shall supply the CITY with a complete set of reproducible "As Built" plans.