Agenda - Council - 01/09/2024 - Laserfiche WebLink

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e. Landscaping f. Site lighting 12. Financial Guaran for Stage I Improvements, Sta a II Improvements, and Re uired Private Improvements. The PERMITTEE shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements, Stage I'I Improvements, Required Private Improvements, and their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of Three Hundred Seventeen Thousand Five Hundred Thirty Dollars and No Cents ($317,530.00), which amount is 75% of the CITY Engineer's estimated cost of. the Stage I Improvements, Stage 11 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), acceptance by the CITY, supported by appropriate lien waivers, the PERMITTEE may- request a reduction in the amount of the financial guaranty. 13. Inspecfiion Fees for the Stage I Improvements, Stage I'l Improvements, and Required Private Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Stage l Improvements, Stage 11 Improvements, and Required Private I.inprovements. The PERMITTEE shall be responsible for an inspection fee in the amount rof Ten Thousand Five Hundred Eighty Four Dollars and No Cents (S10,584.00), which amount is 2.5% of the City Engineer's estimated cost of the Stage I Improvements, Stage I:I Improvements, and Required Private Improvements. The inspection fee must be in the form of a cash escrow. The PERAIMEE may request a refund of the remaining balance in the escrow upon completion of the Stage I Improvements, Stage 1I Improvements, and Required Private Improvements, and upon acceptance by the CITY. 14. Warran!y for Stage I Improvements, Stage If Improvements, and Required Private Improvements. The PER UTTEE shall provide a one -}rear warranty in the amount of One Hundred Five Thousand Eight Hundred Forty Three Dollars and No Cents $105,843.00, which is 5% of the cost of the Stage I Improvements, Stage II Improvements, and Required Private 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 farm of a Letter of Credit in a form acceptable to the CITY'S Finance Director or a cash escrow. 15. Maintenance Guarantee for Landscaping. It is herein agreed that the PERMITTEE shall provide the CITY a maintenance guarantee to ensure the survival of the plantings. Said maintenance guarantee shall consist of cash or a Fetter of Credit, approved as to form by the CITY, in the amount of Eleven Thousand Seventy Dollars and No Cents $11,070.00 [# plantings (78 trees) x cost/planting ($300/tree x 30% average non -survival rate, (180 shrubs) x cost/planting $75/shrub x 30% average non -survival rate], which shall be in effect for a two -gear period commencing on the date of the ITY's acceptance of said plantings as part of the Required Private Improvements. At the end of the two -gear period, the maintenance guarantee shall be returned to the PERMITTEE. The determination that all plantings that have been planted in accordance with the Site Plan have either survived or have been replaced shall be made by the CITY. In the event the PERII.TTEE fai Is to maintain the required plantings for a two- year period, the City Council may order the replacement of plantings with CITY day labor and/or by letting contracts and draw upon the escrow for payment. Only the City Council 4