Agenda - Council - 02/28/2006 - Laserfiche WebLink

Home

-158- The DEVELOPER agrees to construct the Stage I Improvements according to the terms and conditions of this agreement and in accordance with DEVELOPERS' plans submitted to the CITY. Said plans shall be in conformance with the Grading and Erosion Control Plan dated January 25, 2006, Sanitary Sewer and Watermain and Storm Sewer Plans dated January 25, 2006, all prepared by Pioneer Engineering, Inc.. The final construction plan for the Stage I Improvements shall be submitted to the City Engineer for review and approval prior to commencement of construction. The DEVELOPER shall be responsible for completing the rough grading and providing lot comer stakes prior to the installation of underground utilities. Temporary Ingress/Egress and Drainage and Utility Easement: The DEVELOPER shall provide the City with a temporary ingress/egress and drainage and utility easement, in recordable form, across Lot I, Block 2 and a portion of Lot 2, Block 2. The purpose of said temporary easement is to facilitate an outlet to Nowthen Blvd. N.W. until Krypton Terrace N.W. is extended to intersect with Nowthen Blvd. N.W. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on or before March 1, 2006. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The financial guarantee shall be in the amount of One Million Seven Hundred Twen¢/ Thousand Dollars and no cents ($1,720,000.00) (125% x $1,376,000.00), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this paragraph shall be in the form of cash or a letter of credit, approved as to form by the CITY. The financial guarantee shall be deposited with the CITY at the time of execution of this agreement. Upon total completion of Stage I Improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan)} acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER may request a reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by paragraph 8 below has been deposited. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the City related to the installation of Stage I Improvements. The DEVELOPER 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 the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements or Sixty Eight Thousand Six Hundred Dollars and no cents ($8,600.00) (5% x $1,376,000.00). Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I Meadow Subdivision Development Agreement Page 4 of 12