Agenda - Council - 07/08/2025 - Laserfiche WebLink

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federal, state, or local governmental unit (other than the CITY acting in its contractual capacity under this Agreement) which results in delays. 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. As - built plans will be provided to the CITY within thirty (30) days of completion. 11. Required Private Improvements. The private improvements the PERMITTEE will construct or install are as follows: a. Lot grading b. Mailboxes (the "Required Private Improvements"). 12. Financial Guaranty for Stage I Improvements and Stage II Improvements. The PERMITTEE shall provide a financial guaranty in the form of a non -expiring or auto - renewing letter of credit to the CITY guaranteeing the construction of the Stage I Improvements and Stage II Improvements, as well as their timely completion. The PERMITTEE shall be responsible for a financial guarantee in the amount of $4,954,501.00, which amount is 125% of the PERMITTEE's 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, supported by appropriate lien waivers, The PERMITTEE may request a reduction in the amount of the financial guaranty as each portion (ie, storm sewer) of the project is at least half completed with proper documentation. Only one reduction may be requested and processed per calendar month. 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 $198,180.00, 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 all or a portion 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 $990,900.00, 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 or alternative approved by the CITY Finance Director, 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 after all off -lot landscaping is installed 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 $5,490.00. [# plantings (61 trees) x cost/planting ($300/tree x 30% average non -survival 4