Agenda - Council - 05/12/2026 - Laserfiche WebLink

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construct improvements on a lot within the Plat. Within thirty (30) days after the completion of the Stage 1 Improvements, the PERMITTEE shall provide the CITY with a complete set of reproducible "As Built" plans for the Stage I Improvements. 7. Time of Performance for the Stage I Improvements. The PERMITTEE must complete the Stage I Improvements within one (1) year of the issuance of a building permit for any lot within the Plat. Additionally, Riverdale Drive is a classified as a Collector Street and is a Municipal State Aid (MSA) street, which means it was designed to accommodate larger volumes of traffic than standard local roads. The PERMITTEE shall install the utility services, as shown on Sheet C101 in the Plans, for both lots in the Plat at the same time to minimize disruptions to the public and only require a single road closure. 8. Ownership of the Stage I Improvements. The PERMITTEE owns the Stage I Improvements until the CITY'S acceptance of the Stage I Improvements. Title to the Stage I Improvements automatically passes to the CITY upon the CITY'S written acceptance of the Stage I Improvements. Except to the extent the CITY has accepted all or portions of the Stage I Improvements, in writing, prior to the lapse, expiration, or other termination of the CITY'S financial guaranty described in Section 11 and except to the extent the CITY and the PERMITTEE may agree, in writing, to defer the CITY'S acceptance of certain specified Stage I Improvements, the CITY is deemed to have accepted the Stage I Improvements when the CITY releases the financial guaranty described in Section 11 or allows such financial guaranty to lapse, expire or otherwise terminate. 9. Stage I Improvements License. The PERMITTEE hereby grants the CITY and the CITY'S agents, employees, officers, and contractors an irrevocable license to enter the Subject Property to perform all necessary work and/or inspections the CITY deems appropriate during the PERMITTEE'S installation of the Stage I Improvements. The license shall expire after the CITY accepts ownership of Stage I Improvements. 10. Stage II Improvements. The public improvements the PERMITTEE must construct or install are as follows: a. Installation of survey monumentation. (the "Stage II Improvements"). The PERMITTEE must complete the construction of the Stage II Improvements within one (1) year after the date upon which the Plat is recorded. 11. Financial Guaranty for Stage I Improvements, and Stage II Improvements. The PERMITTEE shall provide a financial guaranty (the "Financial Guaranty") to the CITY guaranteeing the construction of the Stage I Improvements and Stage II Improvements, as well as their timely completion. The PERMITTEE shall be responsible for a Financial Guaranty in the amount of Thirty -Nine Thousand One Hundred Dollars and No Cents ($39,100.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I and Stage II Improvements. The Engineer's Estimate was not itemized but rather just provided a lump sum total for the improvements. Therefore, the CITY will not contemplate partial reductions of the Financial Guaranty. Rather, the Financial Guaranty will be fully released upon final acceptance by the CITY of the Stage I and Stage II Improvements. 12. Inspection Escrow for the Stage I and Stage II Improvements. The PERMITTEE shall provide an inspection escrow to the CITY to inspect the Stage I Improvements and Stage II Improvements. The PERMITTEE shall be responsible for an inspection escrow in the amount of One Thousand 3