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Upon completion of the construction of the Required Improvements, the financial <br />guarantee shall be returned to the Permittee and the Permittee shall be required to provide <br />the landscaping maintenance guarantee described in Item #12 of this Development <br />Permit. The determination of completion of the construction of the Required <br />Improvements shall be made by the City Council after consultation with the City <br />Engineer. In the event the Permittee fails to construct and install the Required <br />Improvements as required herein, the City Council may order the completion of the <br />Required Improvements with City day labor and/or by letting contracts for said <br />completion and draw upon the escrow for payment. Only the City Council shall have the <br />authority to direct completion of the Required Improvements and withdraw from the <br />escrow account. The Permittee hereby grants permission and a license to the City and/or <br />its contractors and assigns to enter upon the Site for the purpose of completing the <br />construction and installation of the Required Improvements in the event of the <br />Permittee's default. <br />12. MAINTENANCE GUARANTEE FOR LANDSCAPING. It is herein agreed that the <br />Permittee shall provide a maintenance guarantee to ensure the survival of the plantings. <br />Said maintenance guarantee shall consist of cash or a letter of credit, approved as to form <br />by the City, in the amount of $7,900.00 [# plantings (60 trees, 231 shrubs) x cost/planting <br />($150/tree, $75/shrub) x 30% average non -survival rate], which shall be in effect for a <br />two-year period commencing on the date of the City's acceptance of said plantings as part <br />of the Required Improvements. <br />At the end of the two-year period, the maintenance guarantee shall be returned to the <br />Permittee. The determination that all plantings that have been planted in accordance with <br />the Site Plan and Landscaping Plan have either survived or have been replaced 'shall be <br />made by the City Council after consultation with the City Engineer. In the event the <br />Permittee fails to maintain the required plantings for a two-year period, the City Council <br />may order the replacementof plantings with City day labor and/or by letting contracts <br />and draw upon the escrow for payment. Only the City Council shall have the authority to <br />direct replacement of the plantings and withdraw from the escrow account. The <br />Permittee hereby grants permission and a license to the City and/or its contractors and <br />assigns to enter upon the Site for the purpose of replacing plantings in the event of the <br />Permittee' s default. <br />13. INSPECTION FEES. The Permittee shall be responsible for all inspection costs <br />incurred by the City related to the installation of the Required Improvements. The <br />Permittee shall make a cash deposit into the appropriate escrow account at the City and <br />the City shall have the authority to draw upon these funds for the purpose of <br />compensating for inspection services. The amount of the deposit shall be equal to five <br />percent (5%) of the estimated cost of the Required Improvements, which equates to <br />Twelve Thousand Two Hundred Fifty Dollars and no cents ($12,250.00). This is to <br />cover the cost of inspecting the site grading and installation of improvements. Upon <br />completion of the Improvements to the satisfaction of the City, any surplus balance <br />remaining in the City's escrow account shall be refunded to the Permittee. <br />—134— <br />