Agenda - Council - 03/09/2021 - Laserfiche WebLink

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1. Rough grading in right-of-way of Bunker Lake Boulevard and required removals consistent with City plans prepared by WSB dated April 28, 2011 as amended. J As-builts in scalable, reproducible format, public and private Stonnwater ponds and utilities as part of Stage I Permittee Improvements. A Stage 1 Pennittee Improvement Financial Guarantee shall be provided as required in Paragraph 6 below in conjuction only with items a, e, f, h, i and j above. PERMITTEE agrees to construct the Stage I.Permittee Improvements according to the terms and conditions of this Contract and in accordance with the Pennittee Plans, which are subject to revisions per City Staff Review Letter dated December 8, 2010, and which, together with each contract for construction of the Permittee Improvements, shall be submitted to the City Engineer and to PERMITTEE for their review and approval prior to execution by PERMITTEE of any such contract and prior to commencement of construction of the Stage I Permittee Improvements. 5. Assessment Agreement. PERMITTEE and the CITY shall execute and deliver an Assessment Agreement (the "Assessment Agreement"), substantially in the form and substance attached hereto as Exhibit "A" prior to commencement of the Stage I City Improvements. 6. Stage 1 Improvement Financial Guarantee. PERMITTEE shall not be responsible for a financial guarantee for the Stage I City Improvements. PERMITTEE shall be responsible for a financial guarantee for the Stage I Permittee Improvements to insure timely completion of the Stage I Permittee Improvements. PERMITTEE agrees that the Certificate of Occupancy shall not be released until the Stage I Pennittee Improvements are completed. PERMITTEE shall be responsible for a financial guarantee for any remaining Stage I Permittee Improvements that are not complete at the time a City required Certificate ofOccupancy is requested by PERMITTEE equal to the amount of 1 5% of the City Engineer's estimated cost of the remaining Stage I Permittee lmprovements. The said financial guarantee shall be in the form of a letter of credit or cash escrow held by the CITY. PERMITTEE agrees to provide the CITY with documentation from applicable utility companies that said utility has been satisfied as to Stage I Permittee Improvements and properly paid for said workor provide appropriate lien waivers. The PERMITTEE sIITTEE may apply for reductions in the Letter of Credit or cash escrow as the Stage I Perrnittee Improvements are completed and accepted by the CITY. Upon completion of the Stage I Permittee Improvements and final inspection and acceptance by the CITY, any remaining balanced on the letter of credit or escrow account shall be promptly returned to the PERMITTEE. 7. Inspection Fees. PERMITTEE shall be responsible for all inspection costs incurred b the CITY related to the installation of the Stage I Permittee Improvements, To insure payment of the inspection costs PERMITTEE shall deposit with the CITY a cash escrow in the amount of 0.000.00 which equals 5% of the City )engineer's estimated cost of the Stage I Permittee Improvements. PERMITTEE agrees that said escrow fees may be used to address clean-up costs in the event of default by the PERMITTEE. The ALPHA DE L P E Legacy Christian Academy Development rent Con •a i Page 1