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 DEVELOPERS' plans submitted to the CITY. Said plans shall be in conformance with the Grading and Erosion Control Plan dated January 25, 2006, revised March 24, 2006; Sanitary Sewer and Watermain and Storm Sewer Plans dated January 25, 2006, revised March 24, 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 and Temporary Fire Department Access: 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. The DEVELOPER shall also be responsible for engineering and construction costs in order to provide a driveway from the existing Fire Department through Lot 21, Block 1 to the' new segment of Helium Street. N.W. The driveway shall be paved to a width of _twenty-four (24) feet, contain one (1) lift of bituminous, and no curbing shall be required. ~rtte DEVELOPER shall convey fee title for Lot 21, Block 1, to the CITY and at such time as the driveway is abandoned, the lot shall be eligible for development by the CITY. The current access from the City Hall campus to Alpine Drive' shall not be abandoned until both the accesses (Nowthen Blvd. N.W. and temporary driveway to Helium Street) are modified, constructed and functioning. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on or before April 30, 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 Twenty Thousand Dollars and no cents ($1,720,000.00) (125% x $I,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 f'mancial 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 Meadow Subdivision Development Agreement Page 4 of 13 -307-