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

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compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements or One Thousand Dollars and no cents ($1,000), whichever is greater. Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. The DEVELOPER shall make a cash deposit of X~~XXx:XXXX~~X for inspection fees. 11. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 8 above, the DEVELOPER.. shall also post a Stage I hnprovement maintenance guarantee with the CITY. Said mairtenance guarantee shall be deposited with the CITY at the time Stage I Improvem~.nts are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 8 above. The amount of the maintenance guarantee shall- be Ten Thousand Dollars and no .cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements, whichever is greater. Said maintenance guarantee shall be held by the CITY for ,a one (1) year period from the date of its deposit. This financial guarantee is for the purpose, of ensuring that the Stage I Improvements have been constructed in accordance with.;City standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessary to repair and/or replace :.any of the Stage I improvements. Said financial guarantee shall be ~ in the form of a letter' of credit, approved as to form by the CITY. The maintenance guarantee shall be in the amount of X~~~~~X. 12. Municipal Utilities. Notwithstanding,.,any City-Charter; provision to the contrary, the Permittee agrees that the ".businesses withiri`the Northfork Office Condos will connect to City municipal utilities'withn two (2) years of their availabilityto the site. The Permittee also agrees to be; pecially assessed for the~:benefit of the utilities pursuant to the then City special assessment policy, which may include; but not be limited to, sewer and water trunk and access charges. " SECTION II .STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES 13. Hard Surfaced Driveways. Hard surfaced driveways (bituminous or concrete) are a requirement for,each~~lot in the Plat. Said improvement shall be installed by the building permit applicant; or the homeowner at the time the Certificate of Occupancy is issued or as soon thereafter as possible, weather permitting. In the event this improvement is not timely installed on a lot, the DEVELOPER and/or the DEVELOPER'S assign(s), agrees that the CITY may install said improvement on the lot and specially assess the cost therefore against the lot. The DEVELOPER hereby waives all right to a public hearing and other statutory rights or City Charter rights granted a property owner relating to special assessments, including the right to appeal the special assessment for installation of the hard surfaced driveway. In addition, the DEVELOPER grants the CITY a license to enter on each lot of the Plat in order to install the improvement described in this paragraph if the same has not been previously constructed. -294- Northfork Office Condos Development Agreement Page 4 of 8