Agenda - Council - 09/26/2017 - Laserfiche WebLink

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3. Lake Itasca Greenwav Reauirements. The PERMITTEE shall construct Lake Itasca Greenway in future phases per Item 4.a above and the Plans. The total cost of Lake Itasca Greenway shall be at least $182,235 and not include administrative or overhead construction costs. 100% Park Dedication Cash Credit for that sauare footaae area necessary for the trail (7' foot on either side of the centerline of the 10' foot biltuminous trailfs). Thls credit is at $1.74 per sauare foot. $24,635 Landscaping $3.7,500 Actual construction costs at S50 per lineal foot. plus actual cost for other necessary costs. limiite.d to reta im ina walls (the $50 per foot includes ancillary costs). Retainina Wall Five (51 benches on slabs $83 375 $27 125 $9, 600 4. Park Dedication and Trail Development Fee Credit for Pearson Park. The PERMITTEE shall be credited an amount not to exceed $275,300.00. The remaining credit in the amount of $91,700.00 will be credited towards future phases of the Plat. 5. Pearson Park Financial Guarantee. The PERNIITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The PERNIITTEE shall be responsible for a fmancial guarantee in the amount of ($344,125.00), which amount is 125% of the City Engineer's estimated cost of the Pearson park Improvements ($275,300 x 1.25). 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 fmancial 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 ($13,765.00), which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements ($275,300 x .05). 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. 7. Warranty for Pearson Park Improvements. The PERNIITTEE shall provide a one year warranty in the amount of $68,825.00 ($275,300 x .25), which is 25% of the cost of the Pearson Park 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 improvement. The warranty must be in the form of a Letter of Credit in a form acceptable to the CITY'S Finance Director or a cash escrow. 8. Credit for Lake Itasca Greenway. Credit will be provided for Lake Itasca Greenway per Item 4.a above at the time the phase requiring this improvement is constructed. 3. The terms and conditions of the Development Agreement remain in effect except to the extent modified by this Amendment No. 1. To the extent there is Formatted: Normal, Indent: Left: 0.5", Space After: 0 pt