Laserfiche WebLink
<br />("Stage I Improvements") <br /> <br />. <br /> <br />The DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPERS' plans <br />submitted to the CITY. Said plans shall be in conformance with the Grading Plan dated <br />November 1, 2006, Utility Plans dated November 1, 2006, all prepared "bY LSJ . <br />Engineering, Inc. The final construction plan for the Stage I Improvements shall be <br />submitted to the City Engineer for review and approval prior to commencement of <br />construction. <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot comer stakes -prior to the installation of underground utilities. <br /> <br />5. Stage I.Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before January 10,2008. <br /> <br />6. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. The financial guarantee shall be in the amount of One Hundred Ninety <br />One Thousand One Hundred Twenty Five Dollars and no cents ($191,125.00) (125% x <br />$153,000.00), which amount is 125% of the City Engineer's estimated cost of the Stage I <br />Inlprovements. The financial guarantee required by this paragraph shall be in the form of <br />cash or a letter of credit, approved as to form by tlle CITY. The financial guarantee shall be . <br />deposited with the CITY at the time of execution of this agreement. Upon total completion <br />of Stage I Improvements (including the removal of "temporary" erosion control measures as <br />identified in the approved Grading Plan), acceptance by the C~TY, supported by appropriate <br />lien waivers, the DEVELOPER may request a reduction in the amount of the financial <br />guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been <br />deposited. <br /> <br />7. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br />by the City related to the installation of Stage I Improvements. The DEVELOPER shall <br />make a cash deposit into the appropriate escrow account at the. City and the City shall have <br />the authority to draw upon these funds for the purpose of compensating for inspection <br />services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost <br />of the $tage I Improvements or Seven Thousand Six Hundred Fifty dollars and no cents <br />($7,650.00) (5% x $153,000.00). Upon completion of the Improvements to the satisfaction <br />of the City, any surplus balance remaining in the City's escrow account shall be refunded to <br />the DEVELOPER. <br /> <br />.~, <br /> <br />8. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be <br />deposited witll the CITY at the time Stage I Improvements are accepted by the CITY and <br />prior to release by the CITY of tbe financial guarantee required by Paragraph 6 above. The <br />. Amber Ridge 2/1d Addition <br />Developl1'lent Agreement <br />. Page 3 of 11 <br /> <br />. <br /> <br />-286- <br />