Agenda - Council - 06/09/2026 - Laserfiche WebLink

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PERMITTEE must install the Stage 11 Improvements in accordance with the Plans, excluding the street and traffic control signs, which will be installed by the CITY. As - built plans will be provided to the CITY within thirty (30) days of completion. 10. Lot Corner Staking. The PERMITTEE must install lot corner stakes at all lot corners and provide the necessary documentation. 11. Required Private Improvements. The private improvements the PERMITTEE will construct or install are as follows: a. Lot grading b. Mailboxes per Post Office requirements. (the "Required Private Improvements"). 12. Financial Guaranty for Stage I Improvements and Stage II Improvements. The PERMITTEE shall provide a financial guaranty in the foi n of a non -expiring or auto - renewing letter of credit to the CITY guaranteeing the construction of the Stage I Improvements and Stage II Improvements, as well as their timely completion. The PERMITTEE has requested a two-phase schedule between grading work and street and utility work. Initially, the PERMITTEE shall be responsible for a financial guarantee in the amount of $1,231,094.00 for grading. Upon completion of the grading, but before utility and street work, the PERMITTEE shall submit an additional financial guarantee in the amount of $2,220,282.00 for utility and street work. At the request of PERMITTEE, the CITY shall, not more frequently than once monthly, release that part of the combined financial guaranty for any completed portion of the Required Improvements in the amount set forth in Paragraph 4 that have been accepted in writing by the CITY. Upon completion of the construction of all or any remaining of the required Stage I or II 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 Paragraph 15 of this Agreement. The determination of completion of the construction of the required Stage I or II Improvements shall be made by the CITY. 13. Inspection Escrow for the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall provide an inspection escrow to the CITY to inspect the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The PERMITTEE shall be responsible for an inspection escrow in the amount of $187,299.00, which amount is 5% of the CITY Engineer's estimated cost of the Stage I Improvements, Stage II Improvements, and Required Private Improvements. The inspection escrow must be in the form of cash. The PERMITTEE may request a refund of the remaining balance in the escrow upon completion all or a portion of the Stage I Improvements, Stage II Improvements, and Required Private Improvements, after acceptance by the CITY. 14. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one- year warranty in the amount of $690,275.00, which is 25% of the cost of the Stage I and Stage 11 Improvements, less grading. Said warranty shall be due upon completion of the Stage I and Stage II Improvements and in force for one year following the final acceptance of any required improvements and shall guarantee satisfactory performance of said 4