Agenda - Council - 03/25/2003 - Laserfiche WebLink

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-122- Stage I Improvements Completion Date. The Stage I Improvements shall be completed on or before October 31, 2003. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their timely completion. The financial guarantee shall be in the amount of Seven Hundred Forty Three Thousand Seven Hundred Fifty Dollars and no cents ($743,750.00), which amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by this paragraph shall be in the form of cash or a letter of credit, approved as to form by the CITY. The terms of any letter of credit shall include a 1 O-day notice period. The financial guarantee shall be' deposited with the CITY at the time of execution of this agreement. From time to time as requested by the DEVELOPER, the CITY will review and amend tke amount of financial guarantee based on the work completed. Upon total completion of Stage I Improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan) and acceptance by the CITY, the DEVELOPER may request a further reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been deposited. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred by the City related to the installation of Stage I Improvements. The DEVELOPER shall make a cash deposit into the appropriate escrow account at the City and the City shall have the authority to draw upon these funds for the purpose of compensating for inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Stage I Improvements, which equates to Twenty Nine Thousand Seven Hundred Fifty Dollars and no cents ($29,750.00) (5% x $595,000.00). Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPER. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall als6 post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by ?aragraph 6 above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000.00) or five percent (5%) of the cost of the Stage I Improvements (Twenty Nine Thousand Seven Hundred Fifty Dollars and no cents) ($29,750.00), whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I Improvements have been constructed in accordance with City standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessary to repair and/or replace any of the Stage I improvements, Said financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The. maintenance Development Agreement/Wildlife Sanctuary 3Pd3 Addition Page 3 of 12 I I I I I i i ! I ! I I !