Agenda - Council - 06/22/2004 - Laserfiche WebLink

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6. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and .their timely completion. The financial guarantee shall be in the amount of One Million~Dne Hundred Eight),' Eight Thousand Dollars and no cents ($1,088,000.00), Which amount is 125% of the City Engineer's estimated cost of the Stage I ImproxCements. The financial guarantee required by this paragTaph shall be in the form of caSh or a letter ,of credit, : approved as to form by the CITY. The financial guarantee shall be deposited with i:he~CITY at.the time of execution of this a~eement. Upon total completion of S~age I Improvements : (including the removal of"temporary" erosion control measureS:as identified in the approved Grading Plan), acceptance by the CITY, supported.ib'Y aPPropriate lien waivers, DE¥'ELOPER may request a reduction in the amount: of the:financial guarantee, but only the maintenance auarantee required bv Para~aph 8 b!~low has been deposited. 7. Inspection Fees. The DEVELOPER shall :be responsible for:all inspection costs incurred by the City related to the installation of Stage I ImProvements.. 'he DEVELOPER shall make a cash deposii into the appropriate escrow account at'the City and the City shall have the authority to draw upon these funds for the purpose :of compensating for inspection services. The amount of the deposit shall be equal to five percent (5°,4) of.the estimated cost of the Stage I Improvements of Forty-Three Thousand Five HundredlFifty Dollars and no cents ($43,550.00) (5% x$870,850.00). Upon completion of'the.: Improvements to the satisfaction of the City, any surplus balance remainina in the Ci~!:S escrow account shall be refunded to the DEVELOPER.:!: ::' :," 8. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Para~aph 6 abOVe, the DEVELOPER shall also post a Stage I Improvernen! maintenance guarantee with the CITY7 Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior t° release by the CITY of the financial guarantee required by'Paraffaph 6 above. The amount of the rnaintenance guarantee shall :be Ten Thousand Dollars and no cents ($10,000) 0rfive percent (5%) of the cost of the stage I Improvements (5% X $870,850), whichever is · : ~eater. 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 CITY'S discretion during said one (1) year per/od.if the CITY determines :::ii':::' ::: ~:'i:-.it necessary tO repair and/or replace any of the Stage I improvernents. Said financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance guarantee shall be in the amount of Forty Three Thousand Five Hundred Fifty Dollars and no cents ($43,550.00). 9. Payment of Sewer and Water Trunk Charges.- Several elements of the sewer and water :;, construction plans to service this Development are eligible for reimbursement from the :: CITY'S trunk fund. These construction costs are estimated as follows: .:. :" (1) The extension of the 30-inch sanitary trunk sewer through the development, · $250,000'. :~' (2). Extra depth on the g-inch sanitary, sewer to service the. nei,~hborhoode to the west, $30,500; and --290- ,4 lpi~e ~4/oods' Subdfi,ision Development .4 greeme~zt Page 5 of J2