Agenda - Council - 08/24/2021 - Laserfiche WebLink

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i. Rough grading in right-of-way of Bunker Lake Boulevard andrequired removals consistent with City plans prepared by WSJ dated April 28, 2011 as amended. J. As-builts in scalable, reproducible format, public and private Ston-n ater ponds and utilities as part of Stage I Permittee Improvements. A Stage I Perrnittee 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 terns 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 1 Permittee Improvements. 5. Assessment Agreement. PERMITTEE and the CITY shall execute and deliver an Assessment Agreement (the "Assessment Agreement"), substantially in the forrrr and substance attached hereto as Exhibit "A" prior to commencement of the Stage I City Improvements. 6. PERMITTEE shall not be responsible for a financial guarantee for the Stage I City Improvements. ents. PERMITTEE shall be responsible for a financial guarantee for the Stage I Permittee Improvements to insure timely completion of the Stage I Pennittee 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 of Occupancy is requested by PERMITTEE equal to the amount of 125% of the City Engineer's estimated cost of the remaining Stage I Permittee Improvement. The said financial guarantee shall be in the fora 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 may apply for reductions in the Letter of Credit pr cash escrow as the Stage I Permittee 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. PERIITTEE shall be responsible for all inspection costs incurred by 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 S20,000.00 which equals 5% of the City Engineer's estimated cost of the Stage I Permittee Improvemnts. PERMITTEE agrees that said escrow fees may be used to address clean-up costs in the event of default by, the PERMITTEE. ITTEE. The ALPHA DEVELOPMENT/Legacy Christian i c dem Development Contract Page 4 ; f 1