Agenda - Council - 04/12/2016 - Laserfiche WebLink

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11. Stage I 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 Stage I Improvements. The license shall expire after the CITY accepts ownership of Stage I Improvements. 12. Stage II CITY Improvements. The improvements the PERMITTEE must construct or install are as follows: a. Street signing. b. Streetlights. c. Inspection. d. Survey Monuments. (the "Stage II Improvements"). The PERMITTEE must complete the construction of the Stage II Improvements within one (1) year after the date upon which the Plat is recorded. The Plat must be recorded within two (2) years of approval by the CITY. PERMITTEE must install the Stage II Improvements in accordance with the Plans. Per City Code Section 117-615, the PERMITTEE shall provide the CITY with a set of re -producible as -built plans in Computer Aided Drafting (CAD) format upon completion of the Stage II Improvements and acceptance by the CITY. As as -built plans are a required Stage II Improvement item per City Code Section 117- 615, the CITY will not release the required Stage I Improvement Financial Guarantee noted in paragraph #6 above. Additionally, the PERMITTEE agrees to provide to the CITY the plans in CAD format prior to the commencement of construction of the Stage II Improvements. 13. Financial Guaranty for Stage II Improvements. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage II Improvements and their timely completion. Said financial guarantee is already covered in Paragraph #6 above. No additional amount is necessary. 14. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one year warranty in the amount of Sixteen Thousand One Hundred Sixty Dollars and No Cents ($64,638 x .25), which is 25% of the cost of the Stage I and Stage II Improvements. Said warranty shall be in force for one year following the final acceptance of any require improvements and shall guarantee satisfactory performance of said improvement. The warranty must be in the form of a Letter of Credit in a form acceptable to the CITY'S Finance Director or cash escrow. 15. Stage I and Stage II Improvements to Outlots. The PERMITTEE acknowledges that Stage I and Stage II Improvements are not being required for proposed Outlots, but will be required upon development of said Outlots.