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

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j. Street lights (installment arranged by CITY during Stage I Improvements and paid for by DEVELOPER as Stage H Improvement) ( "Stage I Improvements ") The DEVELOPER agrees to construct the Stage I Improvements according to the terms and conditions of this agreement and in accordance with DEVELOPER'S plans submitted to the CITY drafted by Hakanson Anderson dated April 27, 2007. The final construction plan for the Stage I Improvements shall be submitted to the City Engineer for review and approval prior to commencement of construction. The DEVELOPER shall be responsible for completing the rough grading and providing lot corner stakes prior to the installation of underground utilities. All permanent lot corners shall be in place prior to the release of the Stage I financial guarantee. 5. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on or before June 1, 2008. 6. 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 Three Hundred Thousand Dollars and no cents ($300,000.00), which 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 financial guarantee shall be deposited with the CITY at the time of execution of this agreement. Upon total completion of Stage I Improvements (including the removal of "temporary" erosion control measures as identified in the approved Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER may request a reduction in the amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been deposited. 7. 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 ($12,000.00). 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. 8. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial guarantee required by Paragraph 6 above, the DEVELOPER shall also 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 —176— GAD's Prairie Addition Development Agreement Page 3 of 11