Laserfiche WebLink
The DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPER'S plans <br />submitted to the CITY. Said plans shall be in general conformance with the Site Plan <br />submittal prepared by Amcon dated July 5, 2005, revised August 11, 2005, and the <br />Grading Plan prepared by Van Sickle, Allen, and Associates dated July 7, 2005, revised <br />August 12, 2005 <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot corner stakes prior to the installation of underground utilities. <br /> <br />Stage [ Improvement Completion Date. The Stage I Improvements shall be completed <br />on or before September 1, 2006. <br /> <br />Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a <br />financial guarantee to the CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. The financial guarantee shall be in the <br />amount of Thirty-Five Thousand One Hundred Eighty-Six Dollars and no cents <br />($35,186.00), which amount is 125% of the City Engineer's estimated cost of the Stage I <br />Improvements. The financial guarantee required by this paragraph shall be in the form of <br />cash or a letter of credit, approved as to form by the CITY. The financial guarantee shall <br />be deposited with the CITY at the time of execution of this agreement. Upon total <br />completion of Stage I Improvements (including the removal of "temporary" erosion <br />control measures as identified in the app~'oved Grading Plan), acceptance by the CITY, <br /> / <br />supported by appropriate lien waivers, the DEVELOPER may request a reduction in the <br />amount of the financial guarantee, but only if the maintenance guarantee required by <br />Paragraph 9 below has been deposited. <br /> <br />Inspection Fees. The DEVELOPER shall be responsible for all inspection costs <br />incurred by the City related to the installation of Stage I Improvements.' The <br />DEVELOPER shall make a cash deposit into the appropriate escrow account at the City <br />and the City shall have the authority to draw upon these funds for the purpose of <br />compensating for inspection services. The amount of the deposit shall be equal to five <br />percent (5%) of the estimated cost of the Stage I Improvements or One Thousand Dollars <br />and no cents ($1,000), whichever is greater. Upon completion of the Improvements to the <br />satisfaction of the City, any surplus balance remaining in the City's escrow account shall <br />be refunded to the DEVELOPER. The DEVELOPER shall make a cash deposit of One <br />Thousand Four Hundred Seven Dollars and no cents ($1,407.00) for inspection fees. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 7 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall <br />be deposited with the CITY at the time Stage I Improvements are accepted by the CITY <br />and prior to release by the CITY of the financial guarantee required by Paragraph 8 <br /> <br />Rivenwick Village 2nd Addition <br />Development Agreement <br /> Page 3 of 8 <br /> <br /> <br />