Agenda - Council - 10/24/2017 - Laserfiche WebLink

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6. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee, in a form of cash or an irrevocable letter of credit, to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The DEVELOPER shall be responsible for a financial guarantee in the amount of Eighty Three Thousand Four Hundred Thirty Dollars and No Cents ($83,430.00), which amount is 125% of the Engineer's Estimate 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), and acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER 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 Stage I Improvements. The DEVELOPER shall provide an inspection fee to the CITY to inspect the Stage I Improvements. The DEVELOPER shall be responsible for an inspection fee in the amount of Three Thousand Three Hundred Thirty Seven Dollars and No Cents ($3,337.00), which amount is 5% of the Engineer's Estimate of the Stage I Improvements. The inspection fee must be in the form of a cash escrow. The DEVELOPER may request a refund of the remaining balance in the escrow upon completion of the inspections for the Stage I Improvements and acceptance by the CITY. 8. Installation of the Stage I Improvements. The DEVELOPER shall obtain all necessary permits from all governmental agencies before commencing construction of the Stage I Improvements. The PERMITEE must provide the CITY with copies of all necessary permits from other governmental agencies prior to or when the DEVELOPER applies for a building permit to construct improvements on a lot within the Plat. Within thirty (30) days after the completion and acceptance of the Stage I Improvements, the DEVELOPER 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 Stage I Improvements. The DEVELOPER must complete the Stage I Improvements within one (1) year after the recording of the Plat. 10. Ownership of the Stage I Improvements. The DEVELOPER 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 6 and except to the extent the CITY and the DEVELOPER 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 6. 3