Agenda - Council - 07/27/2004 - Laserfiche WebLink

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m. Temporary and permanent erosion control n. Natural gas o. Telephone service p. Electric service q. Installation of landscaping materials in accordance with the Landscape Plan prepared by RJT dated June 16, 2004. ("Required Improvements)". The DEVELOPER agrees to construct the Stage I Improvements according to the terms and conditions of this agreement and in accordance with DEVELOPERS' plans submitted to the CITY. The DEVELOPER shall be responsible for completing the rough grading and providing lot comer stakes prior to the installation of underground utilities. 8. Required Improvements Completion Date. The Required Improvements shall be completed on or before August 1, 2005. Required Improvements Financial Guarantee. In order to ensure the installation of the Required Improvements in accordance with City specifications and in a timely manner, the Permittees shall be required to deposit with the City a cash escrow or letter of credit, approved as to form by the City, in the amount of Eighty Three Thousand Seven Hundred Fifty and no cents ($83,750), which is 125% of the City's estimated cost of the Improvements. Prior to the issuance of the building permit, all financial guarantees must be provided as required herein. Upon completion of the construction of the Required Improvements, the financial guarantee shall be returned to the Permittees and the Permittees shall be required to provide the landscaping maintenance guarantee described in Item #8 of this Development Agreement. The determination of completion of the construction of the Required Improvements shall be made by the City Council after consultation with the City Engineer. In the event the Permittees fail to construct and install the Required Improvements as required herein, the City Council may order the completion of the Required Improvements with City day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Only the City Council shall have the authority to direct completion of the Required Improvements and withdraw from the escrow account. The Permittees hereby grant permission and a license to the City and/or its contractors and assigns to enter upon the Site for the purpose of completing the construction and installation of the Required Improvements in the event of the Permitt{ses' default 10. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the City related to the installation of Required Improvements. The DEVELOPER shall make a cash deposit 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 Ramsey Town Center 4~h Addition NAU/Sharp and Associates Development Permit Page 4 of 10