Agenda - Council - 08/14/2007 - Laserfiche WebLink

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The PERMITTEE agrees to construct the Required Improvements according to the terms and conditions of this agreement and in accordance with PERMITTEE'S plans submitted to the CITY. 8. Required Improvements Completion Date. The Required Improvements shall be completed on or before January 1, 2009. 9. Required Improvements Financial Guarantee. In order to ensure the installation of the Required Improvements in accordance with City specifications and in a timely manner, the PERMITTEE 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 Two Hundred Forty Three Thousand and Eighty Dollars and no cents. ($243,080.00), which is 125% of the City's estimated cost of the Improvements. Prior to the issuance of the building permit, all financial guarantees 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 Agreement. The determination of completion of the construction of the Required Improvements shall be made by the City Council after consultation with the City Engineer. In the event the PERMITTEE 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 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 completing the construction and installation of the Required Improvements in the event of the PERMITTEE'S default. 10. Inspection Fees. The PERMITTEE shall be responsible for all inspection costs incurred by the City related to the installation of 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 Nine Thousand Seven Hundred Twenty Dollars and no cents ($9,720.00) (5% x $194,460). 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. SECTION II PERMITS AND OCCUPANCY 11. Requirements for Building Permits. No building permit for any lot in the Plat shall be issued until: (a) a Class 5 driving surface is installed to within 300 feet of the structure; (b) site plan approval is granted by the CITY and any expense incurred in giving site plan approval has been reimbursed to the CITY; (c) the Building Official has been provided Anoka County Medical Examiner Facility Development Permit Page 4 of 8 -139-