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

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(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 Stageprovements. The PERMITTEE shall provide a one year warranty in the amount of $334,036 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. 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 in the common areas. Said maintenance guarantee shall consist of cash or a Letter of Credit, approved as to form by the CITY, in the amount of $3,645.00-. [# plantings (14W33 trees) x cost/planting ($300/tree x 30% average non -survival rate, (2-8-30 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. 17. 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