Agenda - Council - 01/12/2021 - Laserfiche WebLink

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timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of $1,670,181 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. 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 $66,807, 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. 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. Stageprovements 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.