Agenda - Council - 02/22/2022 - Laserfiche WebLink

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6. Required Improvements. The PERMITTEE shall construct and install the following site improvements on the Subject Property in accordance with the specifications and location as shown on the Plans. The Required Improvements are as follows: a. Sanitary Sewer b. Water c. Storm drainage facilities d. Stormwater Maintenance e. Parking lot f. Concrete curb and gutter g. Lot grading h. Landscaping i. Installation and removal of temporary erosion control measures. j. Temporary and permanent erosion control. ("Required Improvements)" The PERMITTEE agrees to construct the Required Improvements according to the terms and conditions of this Agreement,in accordance with the Plans, and in compliance with Staff Review Comments. 7. Required Improvements Completion Date. The Required Improvements shall be completed on or before February 22,2023. 8. Required Improvements Financial Guarantee. In order to ensure the installation of the Required Improvements in accordance with CITY specifications and in a timely manner, the PERMITTEE shall be required to deposit with the CITY a cash escrow or an irrevocable letter of credit, approved as to form by the CITY, in the amount of Three Hundred Eighteen Thousand Four Hundred Thirty One Dollars and No Cents ($318,431.00),which is 125% of the CITY's estimated cost of the Required Improvements. Prior to the issuance of the building permit, all financial guarantees must be provided as required herein. Upon completion of the construction of the Required Improvements and written acceptance by the CITY, the financial guarantee shall be returned to the PERMITTEE and the PERMITTEE shall be required to provide the landscaping maintenance guarantee described in Section III Paragraph 12 of this Agreement. The determination of completion of the construction of the Required Improvements shall be made by the CITY. In the event the PERMITTEE fails to construct and install the Required Improvements as required herein,the City Council may order the completion of the Required Improvements with CITY day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Only the City Council shall have the authority to direct completion of the Required Improvements and withdraw from the escrow account. The PERMITTEE hereby grants permission and a license to the CITY and/or its contractors and assigns to enter upon the Subject Property for the purpose of completing the construction and installation of the Required Improvements in the event of the PERMITTEE's default. 9. Inspection Fees. The PERMITTEE shall be responsible for all inspection costs incurred by the CITY related to the installation of Required Improvements. The PERMITTEE 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 2