Agenda - Council - 02/23/2016 - Laserfiche WebLink

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5. Lot Corner Staking. The PERMITTEE must install lot corner stakes at all lot corners. 6. Stage I Improvement 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 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 Eight Hundred Seventy Six Thousand One Hundred Eighty Six Dollars and No Cents ($876,186.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements ($700,949 x 1.25). Upon completion of Stage 1 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 PERMITTEE agrees that the CITY will hold an amount equal to 125% of the engineer's estimate to construct the interim cul-de-sac on 152'"' Lane NW between Phase I and Phase II until Phase 11 is commenced. In the event that Phase 1I is not commenced by August 31, 2016, the PERMITTEE agrees to construct said interim cul-de-sac. The accepted engineer's estimate is attached as Exhibit D hereto. Partial releases of the Letter of Credit are not permitted without approval of the City Council. 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 Thirty Five Thousand Forty Seven Dollars and No Cents (535,047.00), which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements ($700,949 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 Stage I Improvements, acceptance by the CITY, and supported by appropriate lien waivers. The accepted engineer's estimate is attached as Exhibit D hereto. 8. Installation of the Stage I Improvements. The PERMITTEE shall obtain all necessary permits from all governmental agencies before commencing construction of the Stage 1 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, 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 Stage 1 Improvements. The PERMITTEE must complete the Stage I 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.