Agenda - Council - 09/11/2007 - Laserfiche WebLink

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guarantee required by this paragraph shall be in the. fonn of cash or a letter of credit. approved as to form by the CITY. The fmandal guarantee shall be deposited with the CITY at the time of execution oftms agreement. 8. 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 Fifteen hundred, twenty dollars and no cents ($1,520.00). Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escro.w account shall be refunded to the DEVELOPER. 9. Stage I Improvement Maintenance Financial Guarantee. In addition to the fmancial guarantee required by Paragraph 5 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 Inlprovements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 5 above. The amount of the maintenance guarantee shall be Ten thousand dollars and no cents ($10,000.00). Said maintenance guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. This fmancial 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 1 inlprovements. Said financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. n. PElUlITS AND OCCUPANCY: 10. ReQuirements for Buildin2: and Occupancy Permits. No building pennit for any lot in the Plat shall be issued until: (a) a Certificate of Survey, including that information required by the CITY, has been supplied to the City Building Official; and (b) all the financial guarantees required by the CITY have been satisfied; (c) all easement documents for trail and access are submitted to the City and released for recording; and (d) the plat has been released for recording. Sunfish Lake De\'elopment Development Agreement September 2007 30fS -162-