Agenda - Council - 11/07/2022 - Laserfiche WebLink

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4. Improvements. The improvements the PERMITTEE will construct or install are as follows: Preliminary Grading (the "Improvements"). 5. Improvement Financial Guaranty. The PERMITTEE shall provide a financial guaranty to the CITY guarantying the construction of the Improvements and their timely completion in the form of a cash escrow or a letter of credit reasonably acceptable to the CITY. The CITY shall require a financial guaranty in the amount of thirty percent of the grading estimate. The PERMITTEE shall be responsible for a financial guaranty in the amount of $245,655.00 which is 30 percent of the $818,850.00 grading estimate provided by the PERMITTEE. Such financial guaranty shall be released by the CITY upon completion of the Improvements in accordance with the requirements of this Agreement. 6. Inspection Escrow for the Improvements. The PERMITTEE shall provide an inspection escrow to the CITY to inspect the Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of $40,942.50 which is 5 percent of the $818,850.00 grading estimate provided by the PERMITTEE. 7. Installation of the Improvements. The PERMITTEE shall obtain all necessary permits from all governmental agencies before commencing construction of the Improvements. The PERMITEE must provide the CITY with copies of the National Pollutant Discharge Elimination System (NPDES) and Lower Rum River Watershed Management Organization (LRRMWO) permits prior to or when the PERMITTEE applies for a grading permit to construct improvements on a lot within the Plat. Within thirty (30) days after the completion of the Improvements, the PERMITTEE shall provide the CITY with a complete set of reproducible "As Built" plans for the Improvements. 8. Time of Performance for the Improvements. The PERMITTEE must substantially complete the Improvements within one (1) year after issuance of this Agreement. 9. Street Cleaning and Clean Up. The PERMITTEE shall periodically clear any accumulations of soil, earth, or debris from the streets resulting from the construction of the Improvements. If the PERMITTEE fails to keep streets clean the CITY shall notify the PERMITTEE of the issue and PERMITTEE shall clear soil, earth, or debris from the streets resulting from the construction of the Improvements within 48 hours of notification. If the PERMITTEE fails to clean streets after said 48-hour period the CITY may remove accumulations of soil, earth, and debris from the streets resulting from the construction of the Improvements. It shall be the PERMITTEE'S responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY to the PERMITTEE for such costs shall be paid within thirty (30) days of the date of the invoice or deducted from the financial guaranty balance. 10. Payment of Development Fees. Since the Subject Property is not being platted at this time, the PERMITTEE acknowledges that the development fees will be required at time of final plat. 11. PERMITTEE Defaults. If the PERMITTEE defaults in the performance of one or more of the PERMITTEE'S obligations under this Agreement (most notably temporary and permanent erosion control measures), i) the CITY shall give the PERMITTEE thirty (30) days written notice of the default and ii) if the PERMITTEE fails to cure the default within thirty (30) days of receipt of notice of default, then the CITY may pursue any and all remedies available at law or in equity including, but not limited to, the following: 2