Agenda - Council - 03/11/2025 - Laserfiche WebLink

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7. Time of Performance for the Stage I Improvements. The PERMITTEE must complete the Stage I Improvements within one (1) year after the recording of the Plat. 8. Ownership of the Stage I Improvements. The PERMITTEE owns the Stage I Improvements until the CITY'S acceptance of the Stage I Improvements. Title to the Stage I Improvements automatically passes to the CITY upon the CITY'S written acceptance of the Stage I Improvements. Except to the extent the CITY has accepted all or portions of the Stage I Improvements, in writing, prior to the lapse, expiration, or other termination of the CITY'S financial guaranty described in Section 12 and except to the extent the CITY and the PERMITTEE may agree, in writing, to defer the CITY'S acceptance of certain specified Stage I Improvements, the CITY is deemed to have accepted the Stage I Improvements when the CITY releases the financial guaranty described in Section 12 or allows such financial guaranty to lapse, expire or otherwise terminate. 9. Stage I Improvements License. The PERMITTEE hereby grants the CITY and the CITY'S agents, employees, officers, and contractors an irrevocable license to enter the Subject Property to perform all necessary work and/or inspections the CITY deems appropriate during the PERMITTEE' S installation of the Stage I Improvements. The license shall expire after the CITY accepts ownership of Stage I Improvements. 10. Stage II Improvements. The public improvements the PERMITTEE must construct or install are as follows: a. Installation of survey monumentation. (the "Stage II Improvements"). The PERMITTEE must complete the construction of the Stage II Improvements within one (1) year after the date upon which the Plat is recorded. PERMITTEE must install the Stage II Improvements in accordance with the Plans, excluding the street and traffic control signs, which will be installed by the CITY. 11. Required Private Improvements. The private improvements the PERMITTEE will construct or install are as follows: a. Erosion control b. Driveways C. Storm drainage facilities d. Turf establishment (topsoil, seed and/or sod) e. Stormwater maintenance f. Lot grading, including individual stormwater basins g. Landscaping h. Driveway culverts 12. Financial Guarantv for Staize I Improvements. Staize II Improvements. and Reauired 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 guaranty in the amount of Eight Thousand Five Hundred Dollars and No Cents ($8,500.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements. 3