Agenda - Council - 07/26/2005 - Laserfiche WebLink

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(including thc removal of "temporary" erosion control measures as identified in the approved Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the i)EVELOPER may request a reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been deposited. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by thc City related to the installation of Stage I Improvements. The DEVELOPER shall make a cash deposit into the appropriate escrow account at the City and the City shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost o[' the Stage I Improvements or .($ ) (5% x $ ). Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded' to the DEVELOPER. Stage [ ImProvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage. I Improvement maintenance guarantee with the CITY. Said main{enance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements (5% x $ ), whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) year period fi'om the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I Improvements have been constructed in accordance with City standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance guarantee shall be in the amount of ($ ). SECTION II PERMITS AND OCCUPANCY Requirements for Building and Occupancy Permits. No building permit for any lot in the Plat shall be issued until: (a) a Class 5 driving surface is installed to within 300 feet of the structure; (b) a Certificate of Survey, including that survey information required by the CITY has been supplied to the City Building Official; (c) all the financial guarantees required by the CITY have been satisfied; and (d) this Development Agreement has been signed and received by the CITY. All foundation approvals will require a certificate of elevation verifying that the actual elevation is in compliance with the approved grading and drainage plan. Ramsey Meadows 5tt~ Addition Development Agreement Page 4 of 10