Laserfiche WebLink
10. <br /> <br />ll. <br /> <br />12. <br /> <br />Irrigation rain sensors shall be installed and appropriately placed throughout the <br />development. <br /> <br />("Stage I Improvements") <br /> <br />Thc DEVELOPER agrees to construct the Stage I Improvements according to the terms and <br />conditions of this agreement and in accordance with DEVELOPER'S plans submitted to the <br />CITY. Said plans shall be in conformance with the GRADING PLAN dated July 11, 2005, <br />and the OTHER CONSTRUCTION PLANS as reviewed and approved by the CITY. <br />The final construction plan for the Stage I Improvements shall be submitted to the City <br />Engineer for review and approval prior to commencement of construction. <br /> <br />Thc DEVELOPER shall be responsible for completing the rough grading and providing lot <br />comer stakes prior to the installation of underground utilities. <br /> <br />Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before September 1, 2006. <br /> <br />Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. The financial guarantee shall be in the amount of One Million, Three <br />ttundred Thirty Thousand Dollars and no cents ($1,330,000.00), which amount is 125% of <br />thc City Engineer's estimated cost of the Stage I Improvements. The financial guarantee <br />required by this paragraph shall be in the form of cash or a letter of credit, approved as to <br />form by the CITY. The financial guarantee shall be deposited with the CITY at the time of <br />execution of this agreement. Upon total completion of Stage I Improvements (including the <br />removal of "temporary" erosion control measures as identified in the approved Grading <br />Plan), acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER <br />may request a reduction in the amount of the financial guarantee, but only if the maintenance <br />guarantee required by Paragraph 12 below has been deposited. <br /> <br />Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br />by the City related to the installation of Stage I Improvements. The DEVELOPER shall <br />~nake a cash deposit into the appropriate escrow account at the City and the City shall have <br />the authority to draw upon these funds for the purpose of compensating for inspection <br />services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost <br />of the Stage I Improvements, which equates to Fifty-Seven Thousand Eight Hundred Dollars <br />and no Cents ($57,800.00) (5% x $1,561,100.00). Upon completion of the Improvements to <br />the satisfaction of the City, any surplus balance remaining in the City's escrow account shall <br />be rclhnded to the DEVELOPER. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 10 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee for the <br />improvements made as part of the Stage I Improvements shown are accepted by the CITY <br /> Town Center Gardens 3~a Addition <br /> Development Agreement <br /> Page 4 of 12 <br /> <br /> <br />