Agenda - Council - 07/23/2019 - Laserfiche WebLink

Home

6. Installation of the Site Improvements. The PERMITTEE shall obtain all necessary permits from all governmental agencies before commencing construction of the Site 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 Site Improvements, the PERMITTEE shall provide the CITY with a complete set of reproducible "As Built" plans for the Site Improvements. 7. Time of Performance for the Site Improvements. The PERMITTEE must complete the Site Improvements within one (1) year after the recording of the Plat. 8. Ownership of the Site Improvements. The PERMITTEE owns the Site Improvements until the CITY'S acceptance of those Site Improvements identified on Exhibit B hereto as public (the "Public Site Improvements"). Title to the Public Site Improvements automatically passes to the CITY upon the CITY'S written acceptance of the Site Improvements. Except to the extent the CITY has accepted all or portions of the Site Improvements, in writing, prior to the lapse, expiration, or other termination of the CITY'S financial guaranty described in Section 11 and except to the extent the CITY and the PERMITTEE may agree, in writing, to defer the CITY'S acceptance of certain specified Site Improvements, the CITY is deemed to have accepted the Site Improvements when the CITY releases the financial guaranty described in Section 11 or allows such financial guarantee to lapse, expire or otherwise terminate. 9. Site Improvements License. The PERMITTEE hereby grants the CITY and the CITY'S agents, employees, officers, and contractors an irrevocable license to enter the Subject Property to perform all necessary work and/or inspections the CITY deems appropriate during the PERMITTEE'S installation of the Site Improvements. The license shall expire after the CITY accepts ownership of Site Improvements. 10. Stage II CITY Improvements. None 11. Financial Guaranty for Site Improvements. The PERMITTEE shall provide a financial guarantee to the CITY in a cash payment guaranteeing the construction of the Site Improvements, and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of ($950,000.00). Upon completion of the Site Improvements or any portion thereof that has been accepted by the CITY, (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan), supported by appropriate lien waivers, the PERMITTEE may request a reduction in the amount of the financial guarantee for all or such completed component of the Site Improvements. 12. Inspection Fees for the Site Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Site Improvements and Required Private Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of ($30,000.00), which amount is 5% of the City Engineer's estimated cost of the Site 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 Site Improvements, acceptance by the CITY. 13. Warranty for Site Improvements. The PERMITTEE shall provide a one year warranty in the amount of $308,965.62, which is 25% of the cost of the Site Improvements. Said 3