Agenda - Council - 06/08/2004 - Laserfiche WebLink

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Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee to the CITY guarat~eeing the construction of the Stage I Improvements and their timely completion. Thc finan;:iail guarantee shall be in the amount of $1,342,800.00, which amount is 125% of tine City ~2ngineer's estimated cost of the Stage I Improvements. The linancial guar:mtce required b5 this paragraph shall be in the form of cash or a letter of credit, approved as to fi~rm by thc CI'I'Y The financial guarantee shall be deposited with the CITY at the time el~ execution el' thi:.; agreement. Upon total completion of Stage I Improvements (including thc removal ()l?"ten-~porary" erosion control measures as identified in the approved Grading Pla~)? acceptance ky the CITY, supported by appropriate lien waivers, the I)EVELOPE R may request a t'eduction in the amount of the financial guarantee, but only if the maintcmmcc guarantee req~ tired by Paragraph 8 below has been deposited. l nspcctio, Fees. The DEVELOPER shall be responsible for all inspection costs incurred by thc City related to the insl;_tliation of Stage I Improvements. The DEVELOPER shall make a cash deposit into the aqopropriate escrow account at the City and the City shall have the authority to draw upon ti~esc funds for the purpose of compensating for inspection services. '['h.e amount of' l:he d :posit shall be equal to five percent (5%) of the estimated cost el: the Stage I Improvements, x,,'laich equates to Fifty Three Thousand Seven Hundred Dollars and no Cents ($53,700) (5% ~: $i,074,216). Upon completion of the Improvements to the satisl'action o1' the City, any surpltts balance remaining in the City's escrow account shall be rcfitnded Io tiao I)EVELOPE14. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by }~aragr:tph 6 above, the DEVELOPER shall also post a Stage I Improvement maintenance gu~rantee with the CITY. Said maintenance guarantee shall be deposited with tile CITY at rite time Stage I Improvements are accepted by the CITY and prior to release by the CITY (~t' the financial guarantee required by Paragraph 6 above. The amount oi' thc maintenance gu;trantee shall be Ten Thousand Dollars and no cents ($10,000) or five pcrcen~ (5%) of the cos~ et' the Stage I Improvements (5% x $1.,074,216), whichever is greater. Saict maintenance guarantee shall be held by' the CITY for a one'(l) year period fi'om the date ()f its deposit. ~/his financial guarantee is for the purpose of ensuring that the Stage I hnpr()x~ements have be~:n (:onstructed and installed in accordance with City standards and may be c~_tllcd upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessm-y to re!mir and/or replace any of the Stage I improvements. Said financial guarantee shall be in ire i'brm ora letter 0f credit, approved as to form by the CITY. The maimcmmce guarantee shdi be in the amount of Fifty Three Thousand Seven Hundred Dollars ami n(~ Cents (~53,700 i. I~andscape Maintenance Guarantee. It is herein agreed that the DEVELOPER shall provide a m~i~tenance guara~tcc to ensure the sm'vival of the plantings for Rivenwick Village. Said maintenance: guat;an~ee shall consist of cash or a letter of credit approved as to fi)tm by the CITY. Duc to thc ~'cquirement to install twenty 12-foot evergreen trees along Trunk Highway 10, an additiotaal $3,000 will be added to the maintenance guarantee due to the I'act lhat ~clditional planti~g and maintenance care will need to be applied to said trees. Rivenwick Village Development Agreement Page 4 of 15