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

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Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of ($134,850.00), which amount is 5% of the City Engineer's estimated cost of the Stage i Improvements, Stage 11 Improvements, and Required Private Improvements. The inspection fee must be in the form of a cash escrow. The PERMITTEE may request a refund of the remaining balance in the escrow upon substantial completion of the Stage I Improvements, Stage 11 Improvements, and Required Private Improvements, acceptance by the CITY. Upon substantial completion of the last to occur of the Stage i Improvements, Stage ii improvements, and Required Private Improvements, all funds remaining in such escrow shall automatically be released to PERMITTEE. 14. Warranty for Stage 1 and Stage 11 Improvements. The PERMITTEE shall provide a one year warranty in the amount of $674,250.00, which is 25% of the cost of the Stage 1 and Stage II improvements. Said warranty shall be in force for one year following the final acceptance of any required improvements and shall guarantee satisfactory performance of said improvement. The warranty must be in the form of a Letter of Credit in a form acceptable to the CITY'S Finance Director or a cash escrow. 15. Maintenance Guaranty for Landscaping. It is herein agreed that the PERMITTEE shall provide the CITY a maintenance guaranty to ensure the survival of the plantings. Said maintenance guaranty shall consist of cash or a Letter of Credit, approved as to form by the CITY, in the amount of $46,575.00. [# plantings (288 trees) x cost/planting ($300/tree x 30% average non -survival rate, (918 shrubs) x cost/planting $75/shrub x 30% average non -survival rate], which shall be in effect for a two-year period commencing on the date of the CITY's acceptance of said plantings as part of the Required Private Improvements. At the end of the two-year period, the maintenance guaranty shall automatically terminate and be returned to the PERMITTEE. The determination that all plantings that have been planted in accordance with the Site Plan have either survived or have been replaced shall be made by the CITY in its reasonable discretion, provided that failure of the City to provide a written determination prior to the end of the two-year period that the plantings have not been planted in accordance with the Site Plan shall constitute the deemed determination that the plantings have been planted in accordance with the Site Plan. In the event the PERMITTEE fails to maintain the required plantings for a two-year period, the City Council may order the replacement of plantings with CITY day labor and/or by letting contracts and draw upon the escrow for payment. Only the City Council shall have the authority to direct replacement of the plantings 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 Site for the purpose of replacing plantings in the event of the PERMITTEE's failure to maintain the required plantings upon written notice by the CITY of such failure and subsequent failure to cure for fifteen (15) days after such written notice. 16. Street Cleaning and Clean Up. After the street surfacing that is a part of the Stage I Improvements is installed, the PERMITTEE shall clear any soil, earth, or debris from the streets. From time to time, the CITY may remove accumulations of soil, earth, and debris from the streets resulting from the construction of the Stage i Improvements. It shall be the PERMITTEE'S responsibility to pay the costs associated with this necessary street cleaning that are invoiced in writing to PERMITTEE. Invoices from the CITY to the PERMITTEE for such costs shall be paid within fifteen (15) days of receipt of the invoice. 5