Agenda - Council - 07/22/2025 - Laserfiche WebLink

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the plat is recorded and prior to other work commencing, the remaining Two Hundred Sixty - Three Thousand Forty -Eight Dollars and Twenty -Five Cents ($263,048.25) must be posted with the CITY. 7. Required Off -Site Improvements. The PERMITTEE shall construct and install the following site improvements in the right-of-way of Armstrong Boulevard NW and Sunwood Drive NW adjacent to the west and south boundaries of the Subject Property in accordance with the specifications and location as shown on the Plans. The Required Improvements and the allocated costs therefor are as follows: Required Improvement — Bunker Lake Crossing Cost 125% of Cost Release Amount f. Storm sewer $16,980.00 $21,225.00 g. Street construction (including construction of the right -turn lane along Armstrong Boulevard) $42,285.00 $52,856.00 h. Grading, removals, & erosion control (including landscaping) $25,740.00 $32,175.00 TOTAL $85,005.03 $106,256.00 ("Required Improvements") The PERMITTEE agrees to construct the Required Improvements according to the terms and conditions of this Agreement, in accordance with the Plans, and in compliance with Staff review comments. 8. Required Improvements Completion Date. The Required Improvements shall be completed within twenty-four (24) months from the date of Site Plan approval for the New Development, subject to Unavoidable Delays. For the purposes of this Agreement, Unavoidable Delays means delays, outside the control of the party claiming its occurrence, which are the result of strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, global pandemic, epidemic, fire or other casualty to the Project, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, results in delays, or acts of any federal, state or local governmental unit other than the CITY. 9. Required Improvements Financial Guaranty. In order to ensure the installation of the Required Improvements in accordance with CITY specifications and in a timely manner, the PERMITTEE shall be required to deposit with the CITY a cash escrow or an irrevocable letter of credit, approved as to form by the CITY, in the amount of Four Hundred Twenty -Six Thousand Three Hundred Fourteen Dollars and Twenty -Five Cents ($426,314.25), which is 75% of the CITY's estimated cost of the Required Improvements for the on -site improvements plus 125% of the CITY's estimated cost of the Required Improvements for the off -site improvements in the right-of-way adjacent to the Subject Property. Prior to the issuance of the building permit, the financial guaranty must be provided as required herein. At the request of PERMITTEE, the CITY shall, not more frequently that once monthly, release that part of the Financial Guaranty for any completed portion of the Required Improvements in the amount set forth in Section 6 that have been accepted in writing by the CITY. Upon completion of the construction of all or any remaining of the Required Improvements and written acceptance by the CITY, the financial guaranty shall be returned to the PERMITTEE and the PERMITTEE Bunker Lake Crossing LLC Development Agreement Page 3 of 9