|
<br />and the City shall have the authority to draw upon these funds for the purpose of
<br />compensating for inspection services. The amount of the deposit shall be equal to five
<br />percent (5%) of the estimated cost of the Stage I Improvements or One Thousand Dollars
<br />and no cents ($1,000); whichever is greater. Upon completion of the Improvements to the
<br />satisfaction of the City, any surplus balance remaining in the City's escrow account shall
<br />be refunded to the DEVELOPER. The DEVELOPER shall make a cash deposit of
<br />for inspection fees.
<br />
<br />11. Stage I Improvement Maintenance Financial Guarantee. *;:~ddition to the financial
<br />guarantee required by Paragraph 8 above, the DEVELOP.~R.;';sliMJ also post a Stage I
<br />Improvement maintenance guarantee with the CITY. S.~:i~:fl;naintenance guarantee shall
<br />be deposited with the CITY at the time Stage I Impr9x~fu~fit~jj> ~. accepted by the CITY
<br />and prior to release by the CITY of the financi.~l~arantee" .. ,': wred by Paragraph 8
<br />;,',.'~ ","\" \ ,".<". 'I.."~e"
<br />above. The amount of the maintenance guarante~:::shallbe Ten Th'Susand Dollars and no
<br />cents ($10,000) or five percent (5%) of the s~;~t:::~fth~' Stage I hnp;B~;~:': nts, whichever
<br />is greater. Said maintenance guarantee~> ".' ,JJe held\!;>y the CITY:);iQP'e (1) year
<br />period from the date of its deposit. This fiiia1ic~~::~r8;e~~~is for the purP~~~ of ensuring
<br />that the Stage I Improvements have been consffti~t~d);ID ac'cordance witH.' City standards
<br />and may be called upon at the G!TY'S discretio~:a~m-g said one (1) year period if the
<br />CITY determines it necessary td;;~~p.fl.~r and/or replace;;~yof the Stage I improvements.
<br />Said financial guarantee shall be iri!;]fh'~ii~8~ of a letter d~r;q!~<tit; approved as to form by
<br />the CITY. The mainten~ce "';~~':~ggar.antee shaliiti/ be in the amount
<br />of . .. ,~;',.., ...:,;~~!:i:;iiie;lj1~;!1;i:,..,.,.i...,..:,':.~.:'.:..:...:.",'..;:..'::,::;.....,.:,'..~..",;;..:..;:i;;;" .-;,.'
<br />. n ~ ':~,~..,;~.,~.,~,:,...;..",.."...:y".:,.:.~; - ".. _"
<br />.<~~'~~':~~i;~!Y . ":, _ <
<br />12. Municipal Ut~lj(i~s:""'(\.:.!thstanding ~y City CHfu-ter provision to the contrary, the
<br />Permittee a@Y~$::Jhat the'15M!Sinesses withlil"the Northfork Office Condos will connect to
<br />City municip~ltitij~t~~s wi~h t\vO (2) year~:1Qf4heir availability to the site. The Permittee
<br />also agrees to be sp.M'~gl1J.!i:;~%~:~~~~.~::%()~Jg~l)~nefit of the utilities pursuant to the then City
<br />spe,Q,f~l:W~s~~M~~,I?-t p6IiSt:;.,whi6h'::ii1riY1!:1riClude, but not be limited to, sewer and water
<br />
<br />
<br />""C~ and ac2e~':.'!i~~
<br />
<br />':,;;::?it.ii', ,\%:;W SECTION II
<br />STX'G:KII IMPROVEMENTS AND FINANCIAL GUARANTEES
<br />'.'~~;~~~rj;;,;,<;;:;:;;(;~:".
<br />13. Hard Surface;~Jj:Driveways. Hard surfaced driveways (bituminous or concrete) are a
<br />requirement faf each lot in the Plat. Said improvement shall be installed by the building
<br />pemiit applicant or the homeowner at the time the Certificate of Occupancy is issued or
<br />as soon thereafter as possible, weather pennitting. In the event this improvement is not
<br />timely installed on a'lot, the DEVELOPER and/or the DEVELOPER'S assign(s),
<br />agrees that the CITY may install said improvement on the lot and specially assess the
<br />cost therefore against the lot. The DEVELOPER hereby waives all right to a public
<br />hearing and other statutory rights or City Charter rights granted a property owner relating
<br />to special assessments, including the right to appeal the special assessment for installation
<br />of the hard surfaced driveway. In addition, the DEVELOPER grants the CITY a license
<br />
<br />Nortlt/ork Office Condos
<br />Development Agreement
<br />Page 4 018
<br />
<br />-152-
<br />
|