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

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12. Financial Guaranty for Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements, Stage II Improvements, Required Private Improvements, and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of ($509,360.00), 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. 13. Inspection Fees for the Stage I Improvements, Stage II Improvements, and 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 ($12,734.00), 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. 14. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one year warranty in the amount of $144,595.00, which is 25% of the cost of the Stage I and Stage II 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. 15. Maintenance Guarantee for Landscaping. It is herein agreed that the PERMITTEE shall provide the CITY a maintenance guarantee to ensure the survival of the plantings. Said maintenance guarantee shall consist of cash or a Letter of Credit, approved as to form by the CITY, in the amount of $29,250 [# plantings (54 trees) x cost/planting ($300/tree x 30% average non -survival rate, (90 shrubs) x cost/planting $75/shrub x 30% average non - survival rate], which shall be in effect for a two-year period commencing on the date of the CITY's acceptance of said plantings as part of the Required Private Improvements. At the end of the two-year period, the maintenance guarantee shall be returned to the PERMITTEE. The determination that all plantings that have been planted in accordance with the Site Plan have either survived or have been replaced shall be made by the CITY. In the event the PERMITTEE fails to maintain the required plantings for a two- year period, the City Council may order the replacement of plantings with CITY day labor and/or by letting contracts and draw upon the escrow for payment. Only the City Council shall have the authority to direct replacement of the plantings and withdraw from the escrow account. The PERMITTEE hereby grants permission and a license to the CITY and/or its contractors and assigns to enter upon the Site for the purpose of replacing plantings in the event of the PERMITTEE's default. 4