Agenda - Council - 06/26/2007 - Laserfiche WebLink

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construction and installation of the Required Improvements in the event of the Permittee's default. 11. INSPECTION FEES. The Permittee shall be responsible for all inspection costs incurred by the City related to the installation of the Required Improvements. The Permittee 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 Required Improvements, which equates to Twenty -seven Thousand dollars and no cents ($27,000.00) which is to cover the cost of inspecting the site grading and installation of improvements. 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 Permittee. 12. 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 Five Thousand, Eight- hundred, Fifty dollars and no cents ($5,850.00) [# plantings (63 trees, 134 shrubs) x cost/planting ($150 /tree, $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 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 and Landscaping 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 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 default. 13. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements shall be completed before July 1, 2008. 14. RECOGNITION OF LOCATION. The Permittee herein agrees to recognize Ramsey as the City of location on all forms of advertising and business correspondence whenever reasonably prudent to do so. 15. FUTURE TRANSPORTATION CONSIDERATIONS. The possible re- alignment of Trunk Highway 47 may affect this property. The Permittee agrees to work with the CITY to facilitate the acquisition of any property that may be required. Furthermore, the CITY agrees to explore alternatives for site access when and if Trunk Highway 47 significantly limits access opportunities for this site. Terrace Hill Apartments Development Permit Page 3 of 5 -321-