06-11-2018 Council Packet - Laserfiche WebLink

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26. SUMMARY OF CASH REQUIREMENTS AND FEES. The following is a summary of the cash requirements and fees due under this Contract, which must be paid in cash at the time of final plat approval and execution of this Contract by the City: Engineering, City Administration (escrow) $ 7,500.00 Storm Water and Drainage Trunk Fee 6,050.00 Final Plat Fee 500.00 Subtotal Total Cash Requirements & Fees $14,050.00 Payment made February 22, 2018 $ 700.00 Total Cash Requirements & Fees $13,350.00 27. WARRANTY. The Developer warrants all Improvements against poor material and faulty workmanship. The warranty period for streets is one year. The warranty period for underground utilities is two years and shall commence following completion and acceptance by the City Council. The one year warranty period on streets shall commence after the final wear course has been installed and accepted by the City Council as documented in official City minutes. The Developer shall post a maintenance bond, letter of credit or cash deposit (the "Maintenance Security") in an amount reasonably determined by the City Engineer. The City Engineer shall examine the condition of the Improvements when determining the amount of the Maintenance Security. The City shall retain ten percent (10%) of the security until the Maintenance Security is furnished the City or until the warranty period expires, whichever first occurs. The retainage may be used to pay for warranty work. The City standard specifications for utilities and street construction identify the procedures for final acceptance of streets and utilities. 28. RESPONSIBILITY FOR COSTS. A. Except as otherwise specified herein, the Developer shall pay all costs incurred by it or the City in conjunction with the development of the Land, including but not limited 12 Ivy Place Development Contract