Agenda - Council - 09/12/2017 - 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 DEVELOPER must construct or install are as follows: a. Street striping and signing (street signs to be installed by the CITY) b. Seal coating c. Street lights (not required) d. Inspections e. Installation of survey monumentation. f. Stage II cash deposit (not required) (the "Stage II Improvements"). The DEVELOPER must complete the construction of the Stage II Improvements within one (1) year after the date upon which the Plat is recorded. DEVELOPER must install the Stage II Improvements in accordance with the Plans. Per City Code Section 117-615, the DEVELOPER shall provide the CITY with a set of re -producible as -built plans CAD format upon completion of the Stage II Improvements and acceptance by the CITY. Additionally, the DEVELOPER 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. This paragraph intentionally deleted. 14. Financial Guaranty for Stage II Improvements. The CITY does not require a financial guaranty to secure the DEVELOPER'S obligation to construct the Stage II Improvements. 15. Warranty for Stage I and Stage II Improvements. The PERNIITTEE shall provide a one year warranty in the amount of Thirty Thousand Seven Hundred Seventy Six Dollars and No Cents ($30,776.00) ($123,105.00 x .25), which is 25% of the cost of the Stage I and Stage II Improvements. 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 DEVELOPER 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 DEVELOPER'S responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY to the DEVELOPER for such costs shall be paid within fifteen (15) days of the date of the invoice. 4