Agenda - Council - 04/14/2026 - Laserfiche WebLink

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c. Grading and bituminous installation with concrete strip d. Landscaping e. Storm water filtration TOTAL $1,000,000.00 $750,000.00 $34,200.00* $70,000.00 $1,261,500.00 $25,650.00 $52,500.00 $971,775.00 * Denotes amount edited by CITY staff to reflect 57 trees at $600 (each, cost plus installation). ("Required Improvements") The PERMITTEE agrees to construct the Required Improvements according to the terms and conditions of this Agreement, in accordance with the Plans. 7. Required Improvements Completion Date. The Required Improvements shall be completed by June 1, 2026, as requested by and agreed upon by the CITY and the PERMITTEE per Resolution #25-256 approving a time extension. 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 Nine Hundred Thousand Seven Hundred Seventy -Five Dollars and No Cents ($971,775.00), which is 75% of the PERMITTEE'S estimated cost of the Required Improvements for the Parking Lot. Prior to commencing site work, 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 line -item portion of the Required Improvements in the amount set forth in Section 6 that have been accepted in writing by the CITY. Partial releases of each line item in Section 6 will not be allowed as the PERMITTEE did not submit itemized estimates for each line item. 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, or alternatively, stabilize and secure the site, 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 up to five percent (5%) of the estimated cost of the Required Improvements, which equates to $63,075.00 (5% x $1,261,500.00). The CITY, however, estimates its site inspection services to cost no more than $20,000.00. Upon completion of the Required Improvements to the satisfaction of the CITY, any surplus balance remaining in the CITY's escrow account shall be Northstar Truck & RV Parking LLC Development Agreement Page 3 of 8