Agenda - Council - 04/24/2018 - Laserfiche WebLink

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Improvements. The PERMITEE must provide the CITY with copies of all necessary permits from other governmental agencies prior to or when the PERMITTEE applies for a building permit to construct improvements on a lot within the Plat. Within thirty (30) days after the completion of the Stage I Improvements, the PERMITTEE shall provide the CITY with a complete set of reproducible "As Built" plans for the Stage I Improvements. 7. Time of Performance for the Required Improvements. The PERMITTEE must complete the Stage I Improvements within two (2) years after approval of the Project. 8. Financial Guaranty for Required Improvements. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Required Improvements, and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of ($1,466,250.00), which amount is 125% of the CITY Engineer's estimated cost 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), acceptance by the CITY, supported by appropriate lien waivers, The PERMITTEE may request a reduction in the amount of the financial guarantee. 9. Inspection Fees for the Required Private Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of ($58,650.00), which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements, Stage II Improvements, and Required Private Improvements. 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, Stage II Improvements, and Required Private Improvements, acceptance by the CITY. 10. Warranty for State I and State II Improvements. The PERMITTEE shall provide a one year warranty in the amount of $293,250.00, which is 25% of the cost of the Required 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. 11. Street Cleaning and Clean Up. After the street surfacing that is a part of the Required Improvements are installed, the PERMITTEE 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 Required Improvements. It shall be the PERMITTEE'S responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY to the PERMITTEE for such costs shall be paid within fifteen (15) days of the date of the invoice. 12. Payment of Development Fee's. The PERMITTEE must pay to the CITY the fees described on Exhibit B which may include, but are not limited to, Park Land Dedication Fees, Trail Development Fees, Sanitary Sewer Connection (Trunk) Fees, Water Connection (Trunk) Fees, Sanitary Sewer Lateral Fees, Water Lateral Fees, Storm Management Fees, Street Light as well as Street Light Operation and Maintenance Fees. 3