Agenda - Council - 07/12/2016 - Laserfiche WebLink

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The DEVELOPER agrees to construct the Stage I Improvements according to the terms and conditions of this agreement and in accordance with DEVELOPER's plans submitted to the CITY. Said plans shall be in conformance with the Grading Plan dated March 25, 2004, Utility and Street Construction Plan dated March 25, 2004, all prepared by URS Inc and the Landscaping Plan dated March 25, 2004 prepared by Close Landscape Architects. All of the DEVELOPER's plans are subject to revisions per City Staff Review Letters dated April 15, 2004 and April 23. 2004. The final construction plan for the Stage I Improvements shall be submitted to the CITY Engineer for review and approval prior to commencement of construction. The DEVELOPER shall be responsible for completing the rough grading and providing lot corner stakes prior to the installation of underground utilities. 6. Stage I Improvement Financial Guarantee. The DEVET PER shall provide a financial guarantee to the CITY guaranteeing the construction of the Ni, oe T Tmprovements and their timely completion. The financial guarantee shall be in the amr r* `. c Million Three Hundred Eighteen Thousand and Seven Hundred Ten Dollars (°' _.-- s, ' ,.00), which amount is 125% of the CITY Engineer's estimated cost of the Stag' lr__,� cements. The financial guarantee required by this paragraph shall be in the form o' .,?qt. r letter of credit, approved as to form by the CITY. The financial guarantee shall be ,car,, si with the CITY at the time of execution of this Agreement. Upon completion of lir .ovements (including the removal of "temporary" erosion control measures as identiT" ..c it _>' approved Grading Plan), acceptance by the CITY, supported by appropriate lien wa' -rs, t1_ DEVELOPER may request a reduction in the amount of the financial guarantee, bu, the maintenance guarantee required by Paragraph 9 below has been deposited. 7. Inspection Fees. Thr 0:*'11LOPER shall be responsible for all inspection costs incurred by the CITY related to __ i. ,tallation of Stage I Improvements. The DEVELOPER shall make a cash deposit into 1,ropriate escrow account at the CITY and the CITY shall have the authority to drav IL • _hese funds for the purpose of compensating for inspection services. The amount or .r- -posit shall be equal to five percent (5%) of the estimated cost of the Stage I Improverr it- Sixty Six Thousand Two Hundred Niney Six Dollars ($52,748.40) (5% x $1,054,968.C' . Ilion completion of the Improvements to the satisfaction of the CITY, any surplus balance .;maining in the CITY's escrow account shall be refunded to the DEVELOPER. 8. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 7 above, the DEVELOPER shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 7 above. The amount of the maintenance guarantee shall be Ten Thousand and 00/100 Dollars ($10,000.00) or five percent (5%) of the cost of the Stage I Improvements (5% x $1,054,968), whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I Improvements have been constructed in accordance with CITY standards and may be called upon at the Ramsey Town Center 2"d Addition Development Contract Page 3 of 13 Pages