Agenda - Council - 09/03/2024 - Special

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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 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 (including the current pandemic known as COVID-19), 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. 8. 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 Six hundred Eighty-Seven Thousand Five Hundred Dollars and No Cents ($687,500.00), which is 125% of the CITY's estimated cost of the Required 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 I I 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 construct and install the Required Improvements as required herein,the City Council may order the completion of the Required Improvements with CITY day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Only the City Council shall have the authority to direct completion of the Required Improvements and withdraw from the escrow account. The PERMITTEE hereby grants permission and a license to the CITY and/or its contractors and assigns to enter upon the Subject Property for the purpose of completing the construction and installation of the Required Improvements in the event of the PERMITTEE's default. 9. Site Inspection Fees. The PERMITTEE shall be responsible for all site inspection costs incurred by the CITY related to the installation of Required Improvements. The PERMITTEE shall make a cash deposit into the appropriate escrow account at the CITY and the CITY shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Required Improvements,which equates to Twenty-Seven Thousand Five Hundred Dollars and No Cents ($27,500.00) (5% x $550,600.00). Upon completion of the Required Improvements to the eR satisfaction of the CITY, any surplus balance remaining in the CITY's escrow account shall be refunded to the PERMITTEE. 10. Storm water Regional Basin Contribution. In lieu of constructing on-site storm water management basins,the PERMITTEE shall contribute an equal amount as the cost of constructing Ramsey Properties,LLC/Home2Suites Development Agreement Page 3 of 8