Agenda - Council - 03/08/2022 - Laserfiche WebLink

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I I' PERMITTEE'S installation of the Stage I Improvements. The license shall expire after the CITY accepts ownership of Stage I Improvements. 10. Stage II Im rovements. The future improvements the PERMITTEE must construct or install are as follows: a. Street striping(if required by Plans). b. Street and traffic control signs. i. CITY will provide and install Street Name and Traffic Control signs(following payment by PERMITTEE pursuant to the established rates and charges in effect) C. Street lights per agreement with Connexus Energy. d. Installation of survey monumentation. l The PERMITTEE must complete the construction of the Stage II Improvements within one(1) year after the date upon which the Plat is recorded. PERMITTEE must install the Stage II Improvements in accordance with the Plans. Per City Code Section 117--615,the PERMITTEE shall provide the CITY with a set of re--producible as- built plans in Computer Aided Drafting(CAD)format upon completion of the Stage II Improvements and acceptance by the CITY.As as--built plans are a required Stage IIn Improvement item per City Code Section 117--615,the CITY will not release the required Stage I Improvement Financial Guarantee noted in paragraph#11 of this Agreement until CITY has received the as-built plans.Additionally,the PERMITTEE agrees to provide to the CITY the plans in CAD format prior to the commencement of construction of the Stage II Improvements. p 11. Staize I Im rovement and Sta e II Im rovement Financial Guarantee. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and Stage II Improvements and their timely completion. The PERMITTEE shall ` be responsible for a financial guarantee in the amount of$4,842,219,which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements and Stage II Improvements 1 . ($3,873,775 x 1.25). Upon completion of Stage I Improvements and Stage II Improvements (including the removal of"temporary" erosion control measures as identified in the approved f Grading Plan), acceptance by the CITY, supported by appropriate lien waivers,the PERMITTEE may request a reduction in the amount of the financial guarantee. 12. Inspection Fees for the Stage I Imn rovements and Stage II Irn rovements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Stage I Improvements and Stage II Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of $193 689 which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements and Stage II Improvements($3,873,775 x.05). The inspection fee must be in the form of a cash ` escrow. The PERMITTEE may request a refund of the remaining balance in the escrow upon completion of the Stage I Improvements and Stage II Improvements, and acceptance by the CITY 3 13. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall ear provide a one-year y warranty in the amount of$968,444($3,873,775 x .25),which is 25% of the cost of the Stage I and Stage II Improvements. The CITY shall reduce the Financial Guarantee as required by Paragraph 11 above(Stage I Improvements and Stage II Improvements Financial Guarantee) and shall not collect a separate guarantee. Said warranty shall be in force for one year following the final acceptance of any required improvements and shall guarantee satisfactory performance of 4IN