Agenda - Council - 11/12/2013 - Laserfiche WebLink

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construction of the Stage I Improvements — Plat, the financial guarantee shall be returned to the Developer if the maintenance gurantee required in Paragraph 8 has been deposited with the City. The determination of completion of construction shall be made by the City Engineer. 6. Inspection Fees. The Secondary Developer shall be responsible for all inspection costs related to the installation of Improvements; provided that no inspection costs shall be charged to Secondary Developer under this Development Contract by the City for Zeolite Street NW in the event that the City assumes construction responsibilities for this improvement. The Secondary Developer shall make cash deposits into two separate escrow accounts at the City and the City shall have the authority to draw upon these funds for the purpose of compensating for inspection services. For the Required Improvements —Site Plan, the Secondary Developer shall make a cash deposit prior to the issuance of any building permit in the amount of Forty -Three Thousand One Hundred Fourteen and 05/100 Dollars ($43,114.05), which amount is five percent (5%) of the City Engineer's estimated cost of certain Required Improvements —Site Plan. In addition, for the Stage I Improvements —Plat, the Secondary Developer shall make a cash deposit prior to the issuance of any building permit in the amount of Twenty -Two Thousand Eight Hundred and no/100 Dollars ($22,800.00), which amount is five percent (5%) of the City Engineer's estimated cost of the Stage I Improvements —Plat. Upon completion of the respective Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account for inspections of such improvements shall be refunded to the Secondary Developer. 7. Timing of Performance. The Developer shall install all Improvements by June 1, 2006. The Developer 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 the Secondary Developer to reflect the cost increases. 8. Improvements Maintenance Financial Guarantee. In addition to the financial guarantees required above, the Secondary Developer shall provide two separate maintenance guarantees to the City for purposes of guaranteeing that the Improvements (with the exception of the plantings which is guaranteed under paragraph 19) have been constructed in accordance with City standards. One maintenance guarantee shall be for the Required Improvements —Site Plan and the other maintenance guarantee Stage I Improvements —Plat. The maintenance guarantees required by this paragraph shall be in the form of cash or a letter of credit, approved as to form by the City. The maintainance guarantees shall be deposited with the City at the time of completion of the last item of the Improvements and upon receipt, the City shall release all of the financial guarantees held by the City for the Improvements. For the Required Improvements Site Plan, the maintenance guarantee shall be Thirty -Seven Thousand Three Hundred Sixty -Four and 05/100 Dollars ($37,364.05),'which amount is five percent (5%) of the City Engineer's estimated cost of the Required Improvements — Site Plan. In addition, for the Stage I Improvements —Plat, the maintenance guarantee shall be Twenty -Two Thousand Eight Hundred and no/100 Dollars ($22,800.00), which amount is five percent (5%) of the City Engineer's estimated cost of the Stage 1 Improvements —Plat. These maintenance guarantees shall be held by the City for a one (1) year period from the date of their deposit. These maintenance guarantees are for the purpose of ensuring that the respective Improvements have been constructed in accordance with City standards and may be called upon at the City's discretion during said one (1) year period if the City determines it necessary to repair and/or replace any of Ramsey Town Center 3rd Addition Development Contract Page 6 of 17 Pages