Agenda - Council - 06/11/2024 - Laserfiche WebLink

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12. Once Items 2a, 2b, 13 — 16 and 18 are provided to the CITY, and after a pre -construction meeting, PERMITTEE may commence improvements. 13. 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 $1,103,584.00, which amount is 125% of the CITY Engineer's estimated cost of the Stage I Improvements. Upon completion of all or a portion of the Stage I Improvements, acceptance by the CITY and supported by appropriate lien waivers, the PERMITTEE may request a reduction in the amount of the financial guaranty — only one reduction may be requested and processed per calendar month. Such reduction request shall not be unreasonably delayed or withheld. 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 guarantee in the amount of $52,405.00 is required. At the time the plat is recorded and prior to other work commencing, the remaining $1,051,179.00 must be posted with the CITY. 14. 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 $44,143.00, 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. The Permittee has expressed a desire to begin site grading as soon as possible. In order to start grading before the plat is recorded, an inspection fee in the amount of $7,861.00 is required. At the time the plat is recorded and prior to other work commencing, the remaining $36,282.00 must be posted with the CITY. 15. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one- year warranty in the amount of $225,717.00, 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. 16. 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 $ 18,810.00. [# plantings (74 trees) x cost/planting ($300/tree x 30% average non -survival rate, (540 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 original installation date which will be determined by an annual inspection walk through scheduled by PERMITTEE with CITY. 4