Agenda - Council - 08/12/2024 - Laserfiche WebLink

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("Required Improvements") The PERMITTEE agrees to construct the Required Improvements according to the terms and conditions of this Agreement, in accordance with the Plans, and in compliance with Staff review comments. 7. Required Off -Site Improvements. The PERMITTEE shall construct and install the following site improvements on the parcel immediately south of the Subject Property in accordance with the specifications and location as shown on the Plans, and in accordance with the terms outlined in the City Council staff report from February 26, 2024 for the Purchase Agreement. The Required Improvements and the allocated costs therefor are as follows: Required Improvement — Parking Area South of Subject Property f. Site work (including temporary and permanent erosion control, lot grading, parking lot and driveway bituminous pavement, and concrete walkways, curb, and gutter) g. Storm drainage facilities h. Landscaping ("Required Improvements") The PERMITTEE agrees to construct the Required Improvements according to the terms and conditions of this Agreement, in accordance with the Plans, and in compliance with Staff review comments. 8. Required Improvements Completion Date. The Required Improvements shall be completed within twenty-four (24) months from the date of Site Plan approval for the New Building, subject to Unavoidable Delays. For the purposes of this Agreement, Unavoidable Delays means delays, outside the control of the party claiming its occurrence, which are the result of strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, global pandemic, epidemic, fire or other casualty to the Project, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, results in delays, or acts of any federal, state or local governmental unit other than the CITY. 9. Required Improvements Financial Guaranty. In order to ensure the installation of the Required Improvements in accordance with CITY specifications and in a timely manner, the PERMITTEE shall be required to deposit with the CITY a cash escrow or an irrevocable letter of credit, approved as to form by the CITY, in the amount of Two Hundred Eighty -One Thousand Seven Hundred Sixty -Three Dollars and Seventy -Five Cents ($281,763.75), which is 125% of the CITY's estimated cost of the Required Improvements for the on -site improvements, but shall serve as the guaranty for the installation of Required Improvements on both the on -site and off -site improvements. Prior to the issuance of the building permit, the financial guaranty must be provided as required herein. At the request of PERMITTEE, the CITY shall, not more frequently that once monthly, release that part of the Financial Guaranty for any completed portion of the Required Improvements in the amount set forth in Section 6 that have been accepted in writing by the CITY. Upon completion of the construction of all or any remaining of the Required Improvements and written acceptance by the CITY, the financial guaranty shall be returned to the PERMITTEE and the PERMITTEE shall be required to provide the landscaping maintenance guaranty described in Section III Paragraph 11 of this Agreement. The determination of completion of the construction of the Required Improvements shall be made by the CITY. In the event the PERMITTEE fails to Take 5 Oil Change Development Agreement Page 3 of 8