Agenda - Council - 12/09/2025 - Laserfiche WebLink

Home

associated with the private shared roadway on the City -retained outlot in accordance with the specifications and location as shown on the Plans. The Required Improvements and the allocated costs therefor are as follows: Required Off -Site Improvement Cost 125% of Cost Release Amount f. Earthwork $6,841 $8,551 g. Erosion & Sediment Control $2,250 $2,813 h. Utilities $46,301 $57,876 i. Concrete and Paving $119,130 $148,913 j. Landscaping, Site Furnishings, & $21,209 $26,511 Restoration Total $196,557 $244,664 ("Required Off -Site Improvements") The PERMITTEE agrees to construct the Required Off -Site 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 (herein after collectively both on -site and off -site) shall be completed within twenty-four (24) months from the date of issuance of the building permit for the New Building, 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 One Hundred Eighty -Two Thousand Four Hundred Sixty -Nine Dollars and No Cents $182,469.00), which is 75% of the estimated cost of the Required On -Site Improvements and in the amount of Two Hundred Forty -Four Thousand Six Hundred Sixty -Four Dollars and No Cents ($244,664.00), which is 125% of the estimated cost of the Required Off -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 than 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 shall be required to provide the landscaping maintenance guaranty described in Section III Paragraph 11 of this Agreement. 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 CorTrust Bank, N.A. Development Agreement Page 3 of 9