Agenda - Council - 07/25/2023 - Laserfiche WebLink

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f. Concrete curb and gutter g. Lot grading h. Landscaping 12. Financial Guaranty for Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall provide a financial guaranty to the CITY guaranteeing the construction of the Stage I Improvements, Stage II Improvements, Required Private Improvements, and their timely completion. The PERMITTEE shall be responsible for a financial guaranty in the amount of ($1,562,500.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements. Upon completion of Stage I Improvements, acceptance by the CITY, supported by appropriate lien waivers, the PERIVIITTEE may request a reduction in the amount of the financial guaranty. 13. Inspection Fee for the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PER1VIITTEE shall provide an inspection fee to the CITY to inspect the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of ($62,500.00), which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The inspection fee must be in the form of a cash escrow. The PERMITTEE may request a refund of the remaining balance in the escrow upon completion of the Stage I Improvements, Stage II Improvements, and Required Private Improvements, acceptance by the CITY. 14. Warranty for Stage I and Stage II Improvements. The PER1VIITTEE shall provide a one- year warranty in the amount of $148,727.00, 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 in a form acceptable to the CITY'S Finance Director or a cash escrow. 15. Maintenance Guaranty for Landscaping. It is herein agreed that the PER1VIITTEE shall provide the CITY a maintenance guaranty to ensure the survival of the plantings. Said maintenance guaranty shall consist of cash or a Letter of Credit, approved as to form by the CITY, in the amount of Eleven Thousand Three Hundred Forty Dollars and No Cents $11,340.00 [# plantings (76 trees) x cost/planting ($300/tree x 30% average non -survival rate, (200 shrubs) x cost/planting $75/shrub x 30% average non -survival rate], which shall be in effect for a two-year period commencing on the date of the CITY's acceptance of said plantings as part of the Required Private Improvements. At the end of the two-year period, the maintenance guaranty shall be returned to the PERMITTEE. The determination that all plantings that have been planted in accordance with the Site Plan have either survived or have been replaced shall be made by the CITY. In the event the PER1VIITTEE fails to maintain the required plantings for a two- year period, the City Council may order the replacement of plantings with CITY day labor and/or by letting contracts and draw upon the maintenance guaranty for payment. Only the City Council shall have the authority to direct replacement of the plantings and withdraw from the maintenance guaranty. The PERIVIITTEE hereby grants permission and a 4