Agenda - Council - 03/10/2020 - Laserfiche WebLink

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Financial Guarantee noted in paragraph #6 below until such as -built plans are received by the CITY. Additionally, the PERMITTEE agrees to provide to the CITY the plans in CAD format prior to the commencement of construction of the Stage I Improvements. The CITY is constructing Stage I Improvements in Bunker Lake Boulevard and Puma Street, including trunk water main, trunk sanitary sewer, and street improvements. These improvements are required improvements related to the Plat. 5. Lot Corner Staking. The PERMITTEE must install lot corner stakes at all lot corners. 6. Stage I Improvement Financial Guarantee. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of $1,829,413 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. However, no reductions in the financial guarantee will be approved until water, sanitary and stormwater are installed and approved by the City Engineer. The CITY will retain 125% of the Engineer's Estimate of all Stage I Improvements. 7. Inspection Fees for the Stage I Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Stage I Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of $73,177 which amount is 5% of the City Engineer's estimated cost of the Stage I 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, acceptance by the CITY. 8. Installation of the Stage I Improvements. The PERMITTEE shall obtain all necessary permits from all governmental agencies before commencing construction of the Stage I 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 Stage I Improvements, the PERMITTEE shall provide the CITY with a complete set of reproducible "As Built" plans for the Stage I Improvements. 9. Time of Performance for the Stage I Improvements. The PERMITTEE must complete the Stage I Improvements within one (1) year after the recording of the Plat. 3