Agenda - Council - 07/25/2017 - Laserfiche WebLink

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4. Park Dedication and Trail Development Fee Credit for Pearson Park. The PERMITTEE shall be credited an amount not to exceed $275,300.00 for improvements to Pearson Park. The remaining credit in the amount of $91,700.00 will be credited towards future phases of the Plat ($275,300 - $183,600 from #1 above). 5. Pearson Park Financial Guarantee. The PERMITTEE shall provide a financial guarantee 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 ($275,300), which amount is 125% 100% of the City Engineer's estimated cost of the Pearson park Improvements ($275,300 x 1.00). Upon completion of Pearson Park 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. 6. Pearson Park Inspection Fee. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Pearson Park Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of ($6,883.00), which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements ($275,300 x .0 ' ). The inspection fee very high, we would like to see a decrease by 2.5% of this amount. 7--Warranty for P N rk TJic PERMITTEE chill p ovidc a one y ar warranty in thc amount of $68,825.00 ($275,300 x .25), which is 25% of thc cost of thc P arson Park Improvcm-iN Said warranty shall be in force for one y ar following thc final acceptance of any required improvements and shall guarantee satisfactory performance of said improvement. The warranty must be in thc form of a Lcttcr of Crcdit in a form acceptable to thc CITY'E Firan Director or a cash escrow. The Improvements will be warranted by the vendor. 3