Agenda - Council - 07/09/2019 - Laserfiche WebLink

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DEVELOPER may propose and the CITY approves. The Plans shall not be attached to this Agreement, but are in the CITY' S files. 3. Utilities. The DEVELOPER acknowledges that any structure constructed on the Subject Property shall be serviced with public utilities with all applicable standards in City Code. 4. Stage I Improvements. There are no Stage I Improvements required. 5. Stage I Financial Surety. There are no Stage I Improvements and therefore, there is no Financial Surety required. 6. Stage II CITY Improvements. The future improvements the DEVELOPER must construct or install are as follows: a. Installation of survey monumentation. (the "Stage II Improvements"). The DEVELOPER must complete the construction of the Stage II Improvements within one (1) year after the date upon which the Plat is recorded. 7. Payment of Development Fee's. The DEVELOPER must pay to the CITY the fees described on Exhibit A, which may include, but are not limited to, Park Land Dedication Fees, Trail Development Fees, and Storm Management Fees. 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 ($625,000 which amount is 125% of the CITY Engineer's estimated cost of the Required Improvements. Upon completion of Required 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 Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Required Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of ($25,000), which amount is 5% of the City Engineer's estimated cost of the Required 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 and Stage II Improvements, acceptance by the CITY. 10. Warranty for Required Improvements. The PERMITTEE shall provide a one year warranty in the amount of $125,000, 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.