Agenda - Council - 02/28/2017 - Laserfiche WebLink

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Improvements. The license shall expire after the CITY accepts ownership of Stage I Improvements. 12. Stage II CITY Improvements. The future improvements the PERMITTEE must construct or install are as follows: a. Street striping and signing (street signs to be installed by the City's Public Works Department) b. Street lights c. Installation of survey monumentation. (the "Stage II Improvements"). The PERMITTEE must complete the construction of the Stage II Improvements within one (1) year after the date upon which the Plat is recorded. PERMITTEE must install the Stage II Improvements in accordance with the Plans. Per City Code Section 117-615, the PERMITTEE shall provide the CITY with a set of re -producible as -built plans in CAD format upon completion of the Stage II Improvements and acceptance 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 Stage II Improvements. 13. Stage I and Stage II Improvements to Outlots. The PERMITTEE acknowledges that Stage I and Stage II Improvements are not being required for proposed Outlots, but will be required upon development of said Outlots. 14. Financial Guaranty for Stage II Improvements. The CITY does not require a financial guaranty to secure the PERMITTEE'S obligation to construct the Stage II Improvements. 15. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one year warranty in the amount of One Hundred Nine Thousand Two Hundred Thrity Dollars and No Cents ($109,230.00) ($436,921.46 x .25), which is 25% of the cost of the Stage I and Stage II Improvements (excluding line items #701-711 in Exhibit C). Said warranty shall be in force for one year following the final acceptance of any required improvements and shall guarantee satisfactory performance of said improvements. The warranty must be in the form of an Irrevocable Letter of Credit in a form acceptable to the CITY' S Finance Director or cash escrow. 16. Street Cleaning and Clean Up. After the street surfacing that is a part of the Stage I Improvements is installed, the PERMITTEE shall clear any soil, earth, or debris from the streets. From time to time, the CITY may remove accumulations of soil, earth, and debris from the streets resulting from the construction of the Stage I Improvements. It shall be the PERMITTEE'S responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY to the 4