Agenda - Council - 09/22/2020 - Laserfiche WebLink

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b. Water c. Storm drainage facilities d. Stormwater maintenance e. Private street f. Concrete curb and gutter g. Lot grading h. Landscaping 12. Financial Guaranty for Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements, Stage II Improvements, Required Private Improvements, and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of NINE HUNDRED TWENTY FOUR THOUSAND EIGHT HUNDRED FORTY FOUR DOLLARS AND NO CENTS ($924,844.00), 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. 13. Inspection Fees for the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of THIRTY SIX THOUSAND NINE HUNDRED NINETY FOUR DOLLARS AND NO CENTS ($36,994.00), which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements, Stage II Improvements, and Required Private 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, Stage II Improvements, and Required Private Improvements, acceptance by the CITY. 14. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one year warranty in the amount of ONE HUNDRED EIGHTY FOUR THOUSAND NINE HUNDRED SIXTY NINE DOLLARS AND NO CENTS ($184,969.00), which is 25% of the cost of the Stage I and Stage II Improvements. Said warranty shall be in force for one year 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. 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 $9,922.00 [# plantings (83 trees) x cost/planting ($300/tree x 30% average non -survival rate, (109 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 PERMITTEE shall request the CITY complete an inspection of the landscaping to verify survival of plantings and/or that plantings have been replaced. Upon approval of said inspection, the maintenance guarantee shall be returned 4