Agenda - Council - 05/23/2023 - Laserfiche WebLink

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PERMITTEE must install the Stage II Improvements in accordance with the Plans, excluding the street and traffic control signs, which will be installed by the CITY. 11. Financial Guaranty for Stage I Improvements, and Stage II Improvements. The PERMITTEE shall provide a financial guaranty to the CITY guaranteeing the construction of the Stage I Improvements, and Stage II Improvements, as well as their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of ($1,129,126.81), which amount is 125% of the CITY Engineer's estimated cost of the Stage I and Stage II Improvements. 12. Inspection Escrow for the Stage I Improvements, and Stage II Improvements. The PERMITTEE shall provide an inspection escrow to the CITY to inspect the Stage I Improvements, and Stage II Improvements. The PERMITTEE shall be responsible for an inspection escrow in the amount of ($45,165.07), which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements, and Stage II Improvements. The inspection escrow must be in the form of cash. The PERMITTEE may request a refund of the remaining balance in the escrow upon completion of the Stage I Improvements, and Stage II Improvements, after acceptance by the CITY. 13. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one- year warranty in the amount of $225,825.36, which is 25% of the cost of the Stage I and Stage II Improvements. Said warranty shall be in force for one year following the final acceptance of any required improvements and shall guarantee satisfactory performance of said improvements. The warranty must be in the form of a Letter of Credit, approved as to form by the CITY, or a cash escrow. 14. Letter of Credit. Prior to release of the Final Plat for recording, the PERMITTEE shall deposit with the CITY an irrevocable Letter of Credit (LOC) for the sureties and inspection fees outlined in Sections 11, 12, and 13. In lieu of an irrevocable LOC, the PERMITTEE may provide a cash escrow to the CITY. The CITY shall use the LOC proceeds to reimburse the CITY for its costs of Stage I and Stage 11 Improvements to be constructed to the extent practicable; if the City Engineer determines that the Stage I and Stage II Improvements have been constructed and after retaining 10% of the proceeds for later distribution pursuant to Section 15, the remaining proceeds shall be distributed to the PERMITTEE. 15. Reductions to the Letter of Credit. With CITY approval, the irrevocable LOC may be reduced from time to time as financial obligations are paid. The PERMITTEE may request that the LOC or cash deposits be reduced at the following intervals: a. Pond cleaning portion of the LOC is retained until all homes within the development have been issued a full certificate of occupancy; b. Three site improvement reductions at least two months apart; c. Final streets is retained in full until completion of the final streets; d. One landscape reduction of 50% upon complete installation required per the approved landscape plan. 4