Laserfiche WebLink
timely completion. The PERMITTEE shall be responsible for a financial guarantee in the <br />amount of ($ .00), which amount is 125% of the CITY Engineer's <br />estimated cost of the Stage I Improvements ($ x 1.25). Upon <br />completion of Stage I Improvements (including the removal of "temporary" erosion control <br />measures as identified in the approved Grading Plan), acceptance by the CITY, supported <br />by appropriate lien waivers, The PERMITTEE may request a reduction in the amount of <br />the financial guarantee. <br />7. Inspection Fees for the Stage I Improvements. The PERMITTEE shall provide an <br />inspection fee to the CITY to inspect the Stage I Improvements. The PERMITTEE shall <br />be responsible for an inspection fee in the amount of ($ .00), which amount is <br />5% of the City Engineer's estimated cost of the Stage I Improvements ($ x .05). <br />The inspection fee must be in the form of a cash escrow. The PERMITTEE may request <br />a refund of the remaining balance in the escrow upon completion of the Stage I <br />Improvements, acceptance by the CITY. <br />8. Installation of the Stage I Improvements. The PERMITTEE shall obtain all necessary <br />permits from all governmental agencies before commencing construction of the Stage I <br />Improvements. The PERMITEE must provide the CITY with copies of all necessary <br />permits from other governmental agencies prior to or when the PERMITTEE applies for <br />a building permit to construct improvements on a lot within the Plat. Within thirty (30) <br />days after the completion of the Stage I Improvements, the PERMITTEE shall provide <br />the CITY with a complete set of reproducible "As Built" plans for the Stage I <br />Improvements. <br />9. Time of Performance for the Stage I Improvements. The PERMITTEE must complete <br />the Stage I Improvements within one (1) year after the recording of the Plat. <br />10. Ownership of the Stage I Improvements. The PERMITTEE owns the Stage I <br />Improvements until the CITY'S acceptance of the Stage I Improvements. Title to the Stage <br />I Improvements automatically passes to the CITY upon the CITY' S written acceptance of <br />the Stage I Improvements. Except to the extent the CITY has accepted all or portions of <br />the Stage I Improvements, in writing, prior to the lapse, expiration, or other termination of <br />the CITY'S financial guaranty described in Section 6 and except to the extent the CITY <br />and the PERMITTEE may agree, in writing, to defer the CITY'S acceptance of certain <br />specified Stage I Improvements, the CITY is deemed to have accepted the Stage I <br />Improvements when the CITY releases the financial guaranty described in Section 6 or <br />allows such financial guarantee to lapse, expire or otherwise terminate. <br />11. Stagy I Improvements License. The PERMITTEE hereby grants the CITY and the <br />CITY'S agents, employees, officers, and contractors an irrevocable license to enter the <br />Subject Property to perform all necessary work and/or inspections the CITY deems <br />appropriate during the PERMITTEE'S installation of the Stage I Improvements. The <br />license shall expire after the CITY accepts ownership of Stage I Improvements. <br />12. Stage II CITY Improvements. The future improvements the PERMITTEE must construct <br />or install are as follows: <br />a. Street lights per agreement with Connexus Energy <br />b. Installation of survey monumentation. <br />3 <br />