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

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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. The PERMITTEE may reduce the Financial Guarantee noted in paragraph #6 above to this amount, and does not need to submit a separate letter of credit or 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 $17,730. [# plantings (190 trees) x cost/planting ($300/tree x 30% average non -survival rate, (28 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. 16. Street Cleaning and Clean Up. After the street surfacing that is a part of the Stage I 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 Stage I 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. 17. Payment of Development Fees. The PERMITTEE must pay to the CITY the fees described on Exhibit B which may include, but are not limited to, Park Land Dedication Fees, Trail Development Fees, Sanitary Sewer Connection (Trunk) Fees, Water Connection (Trunk) Fees, Sanitary Sewer Lateral Fees, Water Lateral Fees, Storm Management Fees, Street Light as well as Street Light Operation and Maintenance Fees. 18. Requirements for Building and Occupancy Permits. 5