Agenda - Council - 09/22/2015 - Laserfiche WebLink

Home

6. Required Improvement Financial Guarantee. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Required Improvements and their timely completion. The financial guarantee must be in the form of a Letter of Credit in a form acceptable to the CITY'S Finance Director or cash escrow. The PERMITTEE shall be responsible for a financial guarantee in the amount of Six Hundred Eight Thousand Six Hundred Seventy Four Dollars and No Cents ($608,674.00), which amount is 125% of the CITY Engineer's estimated cost of the Required Improvements ($486,940 x 1.25). Upon completion of Required 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. The accepted engineer' s estimate is attached as Exhibit C hereto. Partial releases of the Letter of Credit are not permitted without approval of the City Council. 7. Inspection Fees for the Required Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Required Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of Twenty Four Thousand Three Hundred Forty Seven Dollars and No Cents ($24,347.00), which amount is 5% of the City Engineer's estimated cost of the Required Improvements ($486,940 x .05). 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 Required Improvements, acceptance by the CITY, and supported by appropriate lien waivers. The accepted engineer's estimate is attached as Exhibit C hereto. 8. Installation of the Required Improvements. The PERMITTEE shall obtain all necessary permits from all governmental agencies before commencing construction of the Required 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 Required Improvements, the PERMITTEE shall provide the CITY with a complete set of reproducible "As Built" plans for the Required Improvements. 9. Time of Performance for the Required Improvements. The PERMITTEE must complete the Required Improvements within one (1) year after the recording of the Plat. The Final Plat must be recorded within two (2) years of approval by the City Council. 10. Required Improvements License. The PERMITTEE hereby grants the CITY and the CITY'S agents, employees, officers, and contractors an irrevocable license to enter the Subject Property to perform all necessary work and/or inspections the CITY deems appropriate during the PERMITTEE' S installation of the Required Improvements. The license shall expire after the CITY accepts ownership of Required Improvements.