Agenda - Council - 05/23/2006 - Laserfiche WebLink

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Stage I Improvement Finaneiul Guarantee. The DEVELOPER shall provide a financial guarantee to the CiTY guaranteeing the construction of' the Stage Improvements and their timely completiotr. The financial guarantee sha~I bc in the amonnt of Ten Thousand, Fived~undred, and TwenD~-Two Dollars and fi~ cents ($10,522.50), which amcm~t is 125% of the Ci~ Engineer's esthnated cost or'the Stage I Improvements. The financial guarantee required by this paragraph shah be in the }btm cash or a letter of credit, approved as to form by the CITY. Tfi~:financial mmramee shah be deposited with the CITY at the time of executiou of 6. lnspectmn l~ees. Ihe DEVELOPER shall be .respoi~si~le::.ior all mspectmn costs incurred by the CiIy feinted to the insIallation"~:~'f Staa~:;7~l';;;.&nprovements. The D~,~ ~LO]. ER shall make a cash depostt ~nto: }1~¢ appzoprmte esct2~ acconnt at the C~ty and the City shall have the authority tO r:d~:~kv" upon these tkmd~::Tf~[.the pm~,ose of compensat[ur~ for inspection smwices. TlS~:7~ount of the deposit shall;~e,~equal to five percent (5%) of the estimated cost of th~:~Sta~e I Impr~rements, which ~kates to Four I-Iundred. Twenty Dollars (,~420.00). Up0~'~0jnpl'~[~.bh of the hnprovements to the satisthction of the Ci~, ~n¥ surplus, balance reh~fii}iiii~ in the Ciw's escrow account shall 7 otage I hnprovement Maintenance Financial Guarantee;. In ad&t~on to the financml auarantee reqmrcd bv:;Paratrraph 3.above Improvement maifit,~nan~ guarantee:~ith:d~e CITY:':~ fi~id mah~tenance guarantee shall be deposited wi}i~he CITE:~t the tim~TStage I Iiuprovcments are accepted by d'~e CITY a ~d p'ior tO ~:c;'ease by t~e~:~iTY of tl{~:financial gnarantee required by Pm'am'aph 5 above. The ~i~unt of tha ~:~i2tenance g~ntee shall be Ten Thousand ~ollar~and no cents sai'a'J{ Eii¢f 5'E auat: 1{{ee shah be held by the CITY for a one (1) yearz:~};}t fi'om t[~¢~ ~ft}~'~ of its clep;Sit:J~Z'This financial gum-antee is for the pumose .:::~y~dring thdt' t)~e::Stag4'~.?:[k~3provements have been constructed in accordance with City · .j~5~kndards and ;~' be c~ii}~,:ppon at the CITY'S discretion during said one (1) year ;'::~beriod if the CI2'5~'~letermi~dt necessau, nn~r~yements. Said':'fiSancial guarantee shall be in the form of a letter of credit, approved as t~::~dhn by the CIT~ Il. PERMITS AND OCCUPANCY: _R._e~itiremgn!~s_l_'o_!.'__lJ2ihl!n_.g. and Oeenpane¥ Pemnits. No building permit for any lot in the Plat shall be issued until: (a) a Certificate of Survey, including that information required by the CITY, has been supplied to the City Building Official; and (b) all the financial guarantees recluired by the CiTY have been satisfied. River Pines 6"~ Addition Development Agrecment May 19, 2006 3of6