Agenda - Council - 09/13/2016 - Laserfiche WebLink

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3. Required Improvements. The improvements the PERMITTEE will construct or install are as follows: a. Parking lot with continuous concrete curb and gutter. b. Stormwater ponding. c. Stormwater piping (the "Required Improvements"). The PERMITTEE agrees to construct the Required Improvements according to the terms and conditions of this Agreement and in accordance with the Plans and the City Code. 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 Required Improvements and acceptance by the CITY. The CITY will not release in its entirety the Required Improvement Financial Guarantee noted in paragraph #6 below until such as -built plans are received by the CITY. Additionally, the PERMITTEE agrees to provide to the CITY the plans in CAD format prior to the commencement of construction of the Required Improvements. 4. Required Improvement Financial Guarantee. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Required Improvements and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of Ninety Nine Thousand Dollars and No Cents ($99,000.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements ($66,000 x 1.25). Upon completion of Required 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. 5. Inspection Fees for the Stage I Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Required Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of Three Thousand Three Hundred Thirty Dollars and No Cents ($3,330.00), which amount is 5% of the City Engineer's estimated cost of the Required Improvements ($66,000 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 Required Improvements, acceptance by the CITY. 6. Installation of the Required Improvements. The PERMITTEE shall obtain all necessary permits from all governmental agencies before commencing construction of the Stage I 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 Required 2