Agenda - Council - 05/14/2024 - Laserfiche WebLink

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13. 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, and Required Private Improvements, as well as their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of ($2,814,449.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements. Upon completion of Stage I Improvements, Stage 11 Improvements, and Requited Private 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 PERMITTEE may request a reduction in the amount of the financial guaranty. The Permittee has expressed a desire to begin site grading as soon as possible. In order to start grading before the plat is recorded, a financial guarantee in the amount of$64,241.00 is required. At the time the plat is recorded and prior to other work commencing, the remaining$2,750,208.00 must be posted with the CITY. 14. Inspection Escrow for the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall provide an inspection escrow to the CITY to inspect the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall be responsible for an inspection escrow in the amount of($112.578.00),which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements, Stage 11 Improvements, and Required Private Improvements. The inspection escrow must be in the form of cash. 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, after acceptance by the CITY. The Permittee has expressed a desire to begin site grading as soon as possible. In order to start grading before the plat is recorded, an inspection fee in the amount of$10,907.00 is required. At the time the plat is recorded and prior to other work commencing,the remaining$101,671.00 must be posted with the CITY. 15. Warranty for Stage I and Stage 11 Improvements. The PERMITTEE shall provide a one-year warranty in the amount of $562,890.00, 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, approved as to form by the CITY, or a cash escrow. 16. Maintenance Guarantee for Landscaping_ It is herein agreed that the PERMITTEE shall provide the CITY a landscape maintenance guaranty to ensure the survival of the "additional" plantings. Said landscape maintenance guaranty shall consist of cash or a Letter of Credit, approved as to form by the CITY,in the amount of$7,740.00. [#plantings(86 trees)x cost/planting ($300/tree x 30%average non-survival rate, (zero 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 PERMITTEE shall request a final inspection by the CITY to determine that all plantings that have been planted in accordance with the Plans have either survived or have been replaced. Upon approval of this final inspection, the landscape maintenance guaranty shall be returned to the PERMITTEE. In the event the PERMITTEE fails to maintain the required plantings for a two-year period, the City Council may order the replacement of 4