06-11-08 Council Agenda - Laserfiche WebLink

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reapplying for a new interim use permit. Said application shall occur by September 30, 2008. The Developer shall restore the property described on Exhibit A to a condition that is acceptable to the City by October 30, 2009. Restoration shall include but not be limited to all stockpiled material being removed from the site with final site grades at least two feet and not more than four feet above adjacent road elevations and with no greater than a two percent grade away from those control points. The final site shall be graded smooth and shall consist of gravel or four - inches of topsoil appropriately seeded. The Developer shall post a performance and payment bond in the amount of $225,000 in a form acceptable to the City, to cover any costs which would be incurred in the restoration of the property described on Exhibit A, including the costs of crushing the remaining stockpiles of unprocessed material, and costs of collection against the performance and payment bond. Should Developer fail to have stockpiled materials removed from the site by September 30, 2009, then title /ownership of any materials remaining on the site shall be vested in the City free and clear of any encumbrances. Should Developer encumber any of the stockpiled materials during the term of this agreement, prior to recording the mortgage, Developer shall increase the performance and payment bond in an amount equal to the encumbrance to guarantee its satisfaction. The City may use whatever methods it deems appropriate to remove the materials from the site within a reasonable time frame. Any revenues generated by this activity shall be the sole possession of the City and will not reduce the Developer's financial obligation guaranteed by the performance and payment bond. All other provisions of the Development Contract, dated October 1, 1990, and all Amendments thereto, shall remain in full force and effect. 4 15