Agenda - Council - 04/25/2006 - Laserfiche WebLink

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("Stage I Improvements") The DEVELOPER agrees to construct the Stage I Improvements according to the terms and conditions of this agreement and in accordance with DEVELOPER'S plans submitted to the CITY: Utility Plans; Sanitary Sewer and Watermaln Construction; Storm Sewer and Street Construction; Grading, Erosion Control and Details, dated April 6, 2006, revised , prepared by Passe Engineering. 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. All permanent lot comers shall be in place prior to the release of the Stage I financial guarantee. 5. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on or before May 1, 2007. Sta~e I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Impr~m~.,n[s and.~?i~ timely completion. The financial guarantee shall be in the amount of:' :~ ::~: ~:'7~.' Dollars and nq.. cents ($XX.00} (125% x SXX.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 Dollars and no cents ($3LX~00).'(_5%:X SXX~00). Brookfield Second Addition Development Agreement Page 3 of ll -273-