Agenda - Council - 09/10/2024 - Laserfiche WebLink

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12. 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 Seven Hundred Forty-Three Thousand Eight Hundred Forty-Four Dollars and No Cents ($743,844.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements, Stage II Improvements, and Required Private Improvements. Upon completion of Stage I Improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan), Stage II Improvements, and/or Required Private Improvements, 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 guaranty in the amount of $78,321.00, which 125% of the Engineer's Estimate for demolition, grading and erosion control, is required. At the time the plat is recorded and prior to other work commencing, the remaining$665,523.00 must be posted with the CITY. 13. 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 Twenty-Nine Thousand Seven Hundred Fifty-Four Dollars and No Cents ($29,754.00), which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements, Stage II 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. 14. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one- year warranty in the amount of One Hundred Forty-Eight Thousand Seven Hundred Sixty- Nine Dollars and No Cents ($148,769.00), 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. 15. 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 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 Ten Thousand Thirty Five Dollars and No Cents ($10,035.00) [# plantings (44 trees) x cost/planting ($300/tree x 30% average non-survival rate,(270 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 4