Agenda - Council - 03/28/2023 - Laserfiche WebLink

Home

Saint Francis BouleN and in the future in the event PERMITTEE proposes all acceptable altem tiVe. subject to the apprm,al of the CITE`. that will provide a perniaiient trail connection between No\ ihen Boulevard and Cobalt Street ultimateIN, to Sunwood Drive) on the Properv.., for future development, except that the City does not x,\,aive its ri,to do a Special Assessment Chapter /Public Improvement project if in the future it deteri Imes a trail alon(, St Francis Boule'vard is needed. 4. Sta.ye I Improvement Financial Guarantee. The PERMITTEE shall Provide a financial L luarantee to the CITE' �uaranteeina the construction of the Stage I Improvements and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of one Hundred Twenty Five Thousand Dollars and No Cents rt (S12-5,000-00), which amoum is 12 5% of the CITYEngineer's estimated cost of the Stake I Improvements. The financial (Ytrarantee shall be deposited with the CITY at the time of e ecution of the Development Permit b,%, and beta een the City, of F amsev and First Phoenix Group. LLC and before the City Neill issue the building Permit for Stonev River- Upon completion of Sta�.ye I Improvements (including the removal of "temporary— croslon control measures as identified in the approved Grading Plan). acceptance bN7 the CITY, supported by appropriate lien \val ers. The PERMITTEE may request a reduction in the amount of the financial Guarantee. but only if the maintenance ,guarantees required by Para r-aph 8 & 9 below has been deposited. . Inspection Fees. PERMITTEE shall be responsible for all AN, inspection costs 111cuiTed by the CITE' relal d to the installation of the Stage I Improvements ill the amount of Twenty one Thousand Five Hundred Th rt-v Seven Dollars and Nlo Cents (S.2.1.537.00). which equals 5% of the Cite En ineer` s estimated cost of the Stage I Improvements. PERMITTEE shall deposit said amount as a cash escrow held by the CITY at the tine of execution of the Development Permit by and bet\veep the City; of F amse , and First Phoenix Croup. LLC and before the City Neill issue the Buildimc2 Pear it for Stone' lei \Ter.. PERMITTEE agrees that said fees may be used to complete the Improvenlents in the event of default bNr the PERMITTEE. Upon completion of the St e I Imprmements and final inspection and acceptance by the CITY. the remainin,,� balance in the escrow account shall be returned to PERMITTEE. . Stacie I Improvement --Installation. The Stage I Improvements shall be installed in accordance Nvith the Plans and in accordance Nvith CITE` standards and the City Code. The PERMITTEE shall obtain all neeessary permits from all aoencies before proceeding NVith construction of the Stage I Improvements. W71thin thirty 3 0 da-.%..-s after the completion of the Staoe I Improvements. the PERMITTEE shall have prepared complete set of reproducible "As Built" plains for the Stacie I lmprmenlents. deg eloped by a certified enaineer and subject to the approNTal of the City. l n(ain er. 7. Time of Performance. PERMITTEE shall install all ta(.je I Improvements by Auuust 9. 21 The DEVELOPER may. however. request an extension of time from the crry. Which extension request shall not be unreasonably withheld. If are extension is granted. it may be conditioned upon updating the security Posted by the DEVELOPER to reflect cost increases. S TO f +E Y R-1 VER Pcige 3 of 3