Agenda - Council - 05/13/2003 - Laserfiche WebLink

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I I I I I I I I I 13. 14. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements shall be completed by: Phase I -May 30, 2001 Phase II - May 30, 2003 ESCROW FOR REQUIRED IMPROVEMENTS. In order to insure the installation of the Required Improvements in accordance with City specifications and in a timely manner, the Permit-tee shall be required to deposit with the City a cash escrow or letter of credit, approved as to form by the City, in the amount of $326,100.00 which is 150% of the City's estimated cost of the Improvements. Prior to the issuance of the building permit, all financial guarantees for the respective Phase must be provided as required herein. Upon completion of the construction of the Required Improvements, the financial guarantee shall be returned to the Permittee and the Permittee shall be required to provide the landscaping maintenance guarantee described.in Item #14 of this Development Permit. The determination of completion of the construction of the Required Improvements shall be made by the City Engineer. In the event the permit-tee fails to construct and install the Required Improvements as required herein, the City CoUncil may order the completion of the Required Improvements with City day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Only the City Council shall have the authority to direct completion of the Required Improvements and/or storm sewer system and withdraw from the escrow account. The Permittee hereby grants permission and a license to the City and/or ks contractors and assigns to enter, upon the Site for the purpose of completing the construction and installation of the Required Improvements in the event of the Permittee's default. I I I I I ! I 15. MAINTENANCE GUARANTEE FOR LANDSCAPING. It is herein agreed that the Permittee shall provide a maintenance guarantee to ensure the survival of the plantings. Said maintenance guarantee shall consist of cash or a letter of credit, approved as to form by the City, in the amount of Seven thousand thirty five dollars and no cents ($7,035.00) [# plantings (47 trees, 107 shrubs) x cost/planting ($100/tree, $50/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 Improvements. At the end of the two-year period, the maintenance guarantee shall 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 Council after consultation with the City Engineer. In the event the Permittee fails to maintain the required plantings for a two year per/od, 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 -197-