Agenda - Council - 12/28/2006 - Laserfiche WebLink

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h. Alternative wastewater treatment system i. Installation of 156t" Avenue to Alpine Drive j . Natural gas k. Telephone service 1. Electric service m. Irrigation service ("Stage I Improvements") The DEVELOPER agrees to construct-the Stage I Improvements •according to the terms and conditions of this agreement and in accordance. with DEVELOPER'S plans submitted to the CITY. Said plans shall be in conformance with the plat submittal and engineering plan submittal dated November 16, 2006. revised The DEVELOPER shall be responsible for completing the rough grading and providing lot corner stakes prior to the installation of und~rgroundutilities. .. 7. Stage I Improvement Completion Date. The Stage I' Improvements shall be completed on or before January 1, 2008. 8. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee to the CITY;: guaranteeuig the construction of the Stage I Improvements and their timely completion^ The financial guarantee shall be in the amount of wlucl' ~ amount ` is' 125% of the City Engineer's estimated cost of the Stage. I Improvements. The `financial guarantee required by this paragraph shaI1 be in the form of cash ora letter of credit, approved as to form by the CITY. The'financa~ guarantee shall be deposited with the CITY at the time of execution of this agreement. Upon total completion of Stage I Improvements (including the removal of~"temporary" erosion control measures as identified in the approved Grading Plan), acceptance by the' ,CITY, supported by appropriate lien waivers, the ,- DEVELOPER may request a reduction in the amount of the financial guarantee, but only if the.,maintenance guarantee required by Paragraph 9 below has been deposited. 9. Community Septic System and Well Maintenance and Monitoring. The DEVLOPERS shall; °employ the expertise of a certified. septic system inspector that specializes in large systems to monitor and maintain the integrity of the community septic system. Also thee-DEVELOPER shall employ an expert to monitor and maintain the community well. The responsibilities of such inspectors, as well as the business owners' responsibilities to continue to employ them shall be specified in a utility operating agreement. An inspection fee of will be required to ensure the proper installation of community well and septic and the fire suppression system. 10. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the City related to the installation of Stage I Improvements. The DEVELOPER 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 Nortlafork Office Condos Development Agreement Page 3 of 8 -293-