Agenda - Council - 09/08/2026 - Laserfiche WebLink

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appropriate during the PERMITTEE'S installation of the Stage 1 Improvements. The license shall expire after the CITY accepts ownership of Stage 1 Improvements. 10. Stage II CITY Improvements. The public improvements the PERMITTEE must construct or install are as follows: a. Street lights per agreement with Connexus Energy b. installation of survey monumentation. (the "Stage 11 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, subject to extension due to force majeure. PERMITTEE must install the Stage 11 Improvements in accordance with the Plans. Per City Code Section 117-615, the PERMITTEE shall provide the CITY with a set of re- producible as -built plans in Computer Aided Drafting (CAD) format upon completion of the Stage 11 Improvements and acceptance by the CITY. As as -built plans are a required Stage II Improvement item per City Code Section 117-615, the CITY will not release the required Stage 1 Improvement Financial Guaranty noted in paragraph #12 below until CITY has received the as -built plans. Additionally, the PERMITTEE agrees to provide to the CITY the plans in CAD format prior to the commencement of construction of the Stage II improvements. 11. Required Private lmprovements. The private improvements the PERMITTEE will construct or install are as follows (the "Required Private lmprovements"): a. Sanitary sewer b. Water c. Storm drainage facilities d. Stormwater maintenance e. Parking lot f. Concrete curb and gutter g. Lot grading h. Landscaping 12. Financial Guaranty for Stage 1 Improvements, Stage 11 Improvements, and Required Private Improvements. The PERMITTEE shall provide a financial guaranty in customary form to the CITY guaranteeing the construction of the Stage I Improvements, Stage II Improvements, Required Private Improvements, and their timely completion (subject to force majeure). The PERMITTEE shall be responsible for a financial guaranty in the amount of ($2,022,750.00), which amount is 75% of the CITY Engineer's estimated cost of the Stage I Improvements. Upon substantial completion of Stage I improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the financial guaranty shall automatically, without the need for any request by PERMITTEE or action by the CITY, be reduced by the amount completed. 13. Inspection Fees for the Sta eg I lmprovements Stage II Improvements and Required Private Improvements. The PERMITTEE shall provide an inspection fee to the CITY to inspect the Stage 1 Improvements, Stage 11 Improvements, and Required Private 4