Agenda - Council - 08/12/2025 - Laserfiche WebLink

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8. 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 Fifty Nine Thousand Eight Hundred Eleven Dollars and Thirty -Eight Cents ($59,811.38), which is 75% of the CITY's estimated cost of the Required Improvements for the on -site improvements. 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 approval by the CITY, the financial guaranty shall be returned to the PERMITTEE. The determination of completion of the construction of the Required Improvements shall be made by the CITY. In the event the PERMITTEE fails to construct and install the Required Improvements as required herein, the City Council may order the completion of the Required Improvements with CITY day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Only the City Council shall have the authority to direct completion of the Required Improvements and withdraw from the escrow account. The PERMITTEE hereby grants permission and a license to the CITY and/or its contractors and assigns to enter upon the Subject Property for the purpose of completing the construction and installation of the Required Improvements in the event of the PERMITTEE's default. 9. Site Inspection Fees. The PERMITTEE shall be responsible for all site inspection costs incurred by the CITY related to the installation of Required Improvements. The PERMITTEE shall make a cash deposit into the appropriate escrow account at the CITY and the CITY shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Required Improvements, which equates to Three Thousand Nine Hundred Eighty -Seven Dollars and Forty -Three Cents ($3,987.43) (5% x $79,748.50). Upon completion of the Required Improvements to the satisfaction of the CITY, any surplus balance remaining in the CITY's escrow account shall be refunded to the PERMITTEE. SECTION II PERMITS AND OCCUPANCY 10. Requirements for Building Permit. a. No building permit shall be issued until the PERMITTEE has: (a) installed a Class 5 driving surface to within 300 feet of the structure; (b) provided the CITY Building Official with a Certificate of Survey; (c) the financial guaranty described in Section I Paragraph 8 to the CITY; and (d) obtained all necessary permits from the Lower Rum River Watershed Management Organization and has provided a copy of such permit to the CITY, if applicable; and b. No occupancy permit shall be issued until the PERMITTEE has: (a) constructed vehicular access to the lot, including the installation of at least one layer of bituminous surfacing; and (b) constructed all utilities and storm water facilities this Agreement requires to serve the lot and such utilities and storm water facilities are in place, operational and accepted by the CITY. SECTION III CCl Holdings 3, LLC Development Agreement Page 3 of 7