06-11-2018 Council Packet - Laserfiche WebLink

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satisfied. Ten percent (10%) of the amounts certified by the Developer's engineer, and approved by City's Engineer, shall be retained as security until all Improvements have been completed, all financial obligations to the City satisfied, the required "as constructed" Plans have been received by the City, a warranty security is provided, and the public Improvements are accepted by the City Council. The City standard specifications for utilities and street construction outline procedures for security reductions. 24. 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) $ 2,500.00 Park Dedication Fee 16,650.00 Storm Water and Drain&,:e Trunk Fee 24.180.00 Total Cash Requirements & Fees $43 330.00 25. 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 12 Southways V3