Laserfiche WebLink
d. Stormwater maintenance <br /> e. Parking nodes <br /> f. Concrete curb and gutter <br /> g. Lot grading <br /> h. Landscaping <br /> 12. Financial Guaranty for Stage I Improvements, Stage II Improvements, and Required <br /> Private Improvements. The PERMITTEE shall provide a financial guaranty to the CITY <br /> guaranteeing the construction of the Stage I Improvements, Stage II Improvements, and <br /> Required Private Improvements, as well as their timely completion. The PERMITTEE <br /> shall be responsible for a financial guaranty in the amount of Two Hundred Seventy-Two <br /> Thousand Seven Hundred and Eight Dollar and No Cents ($272,708.00),which amount is <br /> 125% of the CITY Engineer's estimated cost of the Stage I Improvements, Stage II <br /> Improvements, and Required Private Improvements (the "Financial Guaranty"). Upon <br /> completion of Stage I Improvements(including the removal of"temporary"erosion control <br /> measures as identified in the approved Grading Plan), acceptance by the CITY, supported <br /> by appropriate lien waivers, the PERMITTEE may request a reduction in the amount of <br /> the Financial Guaranty. <br /> 13. Inspection Escrow for the Stage I Improvements, Stage II Improvements, and Required <br /> Private Improvements. The PERMITTEE shall provide an inspection escrow to the CITY <br /> to inspect the Stage I Improvements, Stage II Improvements, and Required Private <br /> Improvements. The PERMITTEE shall be responsible for an inspection escrow in the <br /> amount of Ten Thousand Nine Hundred and Eight Dollars and No Cents ($10,908.00), <br /> which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements, <br /> Stage II Improvements, and Required Private Improvements. The inspection escrow must <br /> be in the form of cash. The PERMITTEE may request a refund of the remaining balance <br /> in the escrow upon completion of the Stage I Improvements, Stage II Improvements, and <br /> Required Private Improvements, after acceptance by the CITY. <br /> 14. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one- <br /> year warranty in the amount of Fifty-Four Thousand Five Hundred Forty-Two Dollars and <br /> No Cents($54,542.00),which is 25%of the cost of the Stage I and Stage II Improvements. <br /> Said warranty shall be in force for one year following the final acceptance of any required <br /> improvements and shall guarantee satisfactory performance of said improvements. The <br /> warranty must be in the form of a Letter of Credit, approved as to form by the CITY, or a <br /> cash escrow. <br /> 15. Street Cleaning and Clean Up. After the street surfacing that is a part of the Stage I <br /> Improvements is installed,the PERMITTEE shall clear any soil, earth, or debris from the <br /> streets. From time to time,the CITY may remove accumulations of soil,earth,and debris <br /> from the streets resulting from the construction of the Stage I Improvements. It shall be <br /> the PERMITTEE'S responsibility to pay the costs associated with this necessary street <br /> cleaning. Invoices from the CITY to the PERMITTEE for such costs shall be paid within <br /> fifteen(15) days of the date of the invoice. <br /> 16. Payment of Development Fees. The PERMITTEE must pay to the CITY the fees <br /> described on Exhibit B. which include Park Land Dedication Fees, Trail Development <br /> Fees, Sanitary Sewer Connection (Trunk) Fees, Water Connection (Trunk) Fees, <br /> 4 <br />