Agenda - Council - 04/12/2005 - Laserfiche WebLink

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DEVELOPER shall make a cash deposit into the appropriate escrow account at'the CITY and the CITY shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit for inspection fees for work being undertaken as part of the GRADING PLAN shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements. This amount is __ Dollars and no cents CS×X) (5% x SXX) and must be deposited prior to the commencement of the improvements shown on the GRADING PLAN. The required inspection fees for work done in cont~ormance with the OTHER CONSTRUCTION PLANS shall be in the amount of Forty Five Thousand Seven Hundred Dollars and no cents ($XX)(5% x SXX) 5% of the estimated cost of the Stage I Improvements being constructed 'in conjunction with the OTHER CONSTRUCTION PLANS. The inspection fees for improvements being constructed in conformance with the OTHER CONSTRCTION PLANS shall be deposited-with the CITY prior to commencement of the Stage I Improvements shown on the OTHER CONSTRUCTION PLANS. Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. 14.. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee for the improvements made as part of the Stage I Improvements shown are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 6 above: The amount of the maintenance guarantee for the improvements made as part of the Stage I Improvements shall be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements (5% x SXX), whichever is greater. Said maintenance guarantee for the improvements made as part of the Stage I Improvements shall be held by the CITY for a one (1) year period from the date of its dePosit. This financial guarantee is ~br the purpose of ensuring that the Stage I Improvements being constructed in conjunction project have been constructed in accordance with City standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee shall be in the ~'orm of a letter of credit, approved as to form by the CITY. The maintenance guarantee fbr the improvements made as part of the OTHER cONSTRUCTION PLANS shall be Dollars and no cents ($XX). 15. Lamlscape Maintenance Guarantee. It is herein agreed that the DEVELOPER shall. provide a maintenance guarantee to ensure the survival of the plantings for Town Center Gardens. Said maintenance guarantee shall consist of cash or a letter of credit approved as to form by the CITY. The said guarantee will remain in effect for a two-year period commencing on the date of the City's' acceptance of said plantings as part of Stage I improvements. The Stage I Financial Guarantee (as stipulated in paragraph 10) will not be released until the CITY has received the maintenance guarantee. The landscape maintenance guarantee required is Dollars and no Cents ($XX) [XX trees; XX shrubs x cost of. planting ($100/tree, $50/shrub x 30% survival rate] Town Center Gardens 3~a Addition Development Agreement - Grading Page 5 of 13