Agenda - Council - 05/09/2017 - Laserfiche WebLink

Home

of cash or an irrevocable letter of credit, to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of Six Hundred Seven Thousand, Five Hundred Thirty Five Dollars and No Cents ($607,535.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements. Upon completion of Stage I 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. The accepted engineer' s estimate is attached as Exhibit C hereto. 7. Inspection Fees for the Starve I Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Stage I Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of Twenty Four Thousand Three Hundred One Dollars and No Cents ($24,301.00), which amount is 5% of the CITY Engineer's estimated cost of the Stage I Improvements. 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 Stage I Improvements, acceptance by the CITY, and supported by appropriate lien waivers. The accepted engineer's estimate is attached as Exhibit C hereto. 8. Installation of the Starve I Improvements. The PERMITTEE shall obtain all necessary permits from all governmental agencies before commencing construction of the Stage I Improvements. The PERMITTEE 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 Stage I Improvements, the PERMITTEE shall provide the CITY with a complete set of reproducible "As Built" plans in CAD format for the Stage I Improvements. 9. Time of Performance for the Starve I Improvements. The PERMITTEE must complete the Stage I Improvements within one (1) year after the recording of the Plat. The Final Plat must be recorded within two (2) years of approval by the City Council. 10. Ownership of the Starve I Improvements. The PERMITTEE owns the Stage I Improvements until the CITY' S acceptance of the Stage I Improvements. Title to the Stage I Improvements automatically passes to the CITY upon the CITY'S written acceptance of the Stage I Improvements. Except to the extent the CITY has accepted all or portions of the Stage I Improvements, in writing, prior to the lapse, expiration, or other termination of the CITY' S financial guaranty described in Section 7 and except to the extent the CITY and the PERMITTEE may agree, in writing, to defer the CITY' S acceptance of certain specified Stage I Improvements, the CITY is deemed to have accepted the Stage I Improvements when the CITY releases the financial guaranty described in Section 7. 3