Admin Order 58-16-01 - Laserfiche WebLink

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least one year from completion of the improvement; and 4. Payment of all fees charged in compliance with EC 7.130 for City engineering and inspection activities (plan review, inspection, and project administration) associated with the project. The financial surety may be either a bond in the amount equal to the estimated cost of construction or a financial guarantee approved by the City Engineer in the amount equal to 125% of the estimated cost of improvement to secure the construction permit and finance the construction of the improvements. If using a financial guarantee in lieu of a bond, twenty-five percent of the construction cost, or $25,000, whichever is more, shall be secured by the City prior to establishing the warranty period and retained in place throughout the warranty permit. The financial surety may be provided by the landowner, Contractor, Owner/Developer, or other interested party; however, if the financial surety is provided by someone other than the Owner/Developer, the surety to submit to the City written confirmation that the surety understands the risks and responsibilities of being the surety, i.e., an acknowledgement that the surety understands that that if the work is not completed, the City may act on the financial guarantee to complete the improvements. In determining the value of the financial surety, construction cost shall be based on pither the Owner/Developer's contract for the work or the official Engineer's Estimate, whichever is larger, and shall include all material and construction costs, traffic control, mobilization, and erosion prevention costs. To facilitate City verification of the construction costs, the Project Engineer shall submit either a copy of the contract between the Owner/Developer and Contractor listing the cost of the public improvements and a description of the associated work by unit price or lump sum by infrastructure type, or a formal Engineer's Estimate in a unit price format. Construction costs shall be itemized into the following improvement categories: transportation, wastewater, stormwater, and other. Transportation improvements include pavement, sub -grade, concrete walks, street lights, curb and gutter, driveway approach, and related transportation facilities within the right-of-way. Stormwater improvements include manholes, curb inlets, catch basins, pipes, swales, and closed or open conveyance and water quality facilities. Wastewater improvements include pipes, tees, service lines, pump stations and related work. Other costs may include off-street bike paths and street trees. (See Appendix L for sample/standard Bond/Escrow Agreement forms) Public Improvement Design Standards Manual, 2016 Page 4-11