Agenda - Council - 08/12/2019 - Laserfiche WebLink

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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 ($300,000.00). 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. The CITY shall grant any request by the PERMITTEE for a reduction in the amount of the financial guaranty, including a complete termination, without unreasonable condition or delay. The financial guaranty shall automatically terminate upon issuance of a certificate of occupancy for the Subject Property. 12. Inspection Fees for the Site Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Site Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of ($10,000.00), 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 and acceptance by the CITY, which the CITY shall grant without unreasonable condition or delay. 13. Warranty for Site Improvements. The PERMITTEE shall provide a one year warranty in the amount of $100,000.00, which is 25% of the cost of the Site Improvements. Said warranty shall be in force for one year following the final acceptance of the Site Improvements and shall guarantee satisfactory performance of the Site Improvements. 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. 14. Street Cleaning and Clean Up. After the street surfacing that is a part of the Site Improvements is 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 Site 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. 3