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

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10. Ownership of the Stage I Improvements. The PERMITTEE owns the Stage I Improvements until the CITY'S acceptance of the Stage I Improvements. Title to the Stage I Improvements automatically passes to the CITY upon the CITY'S written acceptance of the Stage I Improvements. Except to the extent the CITY has accepted all or portions of the Stage I Improvements, in writing, prior to the lapse, expiration, or other termination of the CITY'S financial guaranty described in Section 6 and except to the extent the CITY and the PERMITTEE may agree, in writing, to defer the CITY'S acceptance of certain specified Stage I Improvements, the CITY is deemed to have accepted the Stage I Improvements when the CITY releases the financial guaranty described in Section 6 or allows such financial guarantee to lapse, expire or otherwise terminate. 11. Stage I 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 Stage I Improvements. The license shall expire after the CITY accepts ownership of Stage I Improvements. 12. Stage II CITY Improvements. The future improvements the PERMITTEE must construct or install are as follows: a. Street lights per agreement with Connexus Energy b. Installation of survey monumentation. (the "Stage II Improvements"). The PERMITTEE must complete the construction of the Stage II Improvements within one (1) year after the date upon which the Plat is recorded. PERMITTEE must install the Stage II Improvements in accordance with the Plans. Per City Code Section 117-615, the PERMITTEE shall provide the CITY with a set of re -producible as -built plans in Computer Aided Drafting (CAD) format upon completion of the Stage II Improvements and acceptance by the CITY. As as -built plans are a required Stage II Improvement item per City Code Section 117- 615, the CITY will not release the required Stage I Improvement Financial Guarantee noted in paragraph #6 above until CITY has received the as -built plans. Additionally, the PERMITTEE agrees to provide to the CITY the plans in CAD format prior to the commencement of construction of the Stage II Improvements. 13. Financial Guaranty for Stage II Improvements. The CITY does not require a financial guaranty to secure the PERMITTEE'S obligation to construct the Stage II Improvements. 14. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one year warranty in the amount of $365,883 which is 25% of the cost of the Stage I and Stage II Improvements. Said warranty shall be in force for one year 4