Laserfiche WebLink
15. OWNERSHIP OF IMPROVEMENTS. Upon completion of the work and <br /> construction required by this Agreement and formal City acceptance, the Public Improvements <br /> lying within public easements or right of way shall become City property without further notice <br /> or action. <br /> 16. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance <br /> with the terms of this Agreement, payment of the costs of all Public and Private Improvements, <br /> and construction of all Public Improvements, the Developer shall furnish the City with one (1) <br /> Letter of Credit, in the form attached hereto, from a bank ("security") totaling $488,727.11. The <br /> security amounts are to be calculated as follows: <br /> 1. Public Improvements* Due before Plat release <br /> a. Lot 1, Block 1 $ 71,137.50 <br /> b. Lot 1, Block 2 $ 29,877.50 <br /> c. Lot 2, Block 2 $ 49,087.50 <br /> d. Lot 3, Block 2 $ 14,242.50 <br /> e. Orono Industrial Boulevard $267,667.50 <br /> f. Old Crystal Bay Road $ 12,964.61 <br /> g. Ditch Upgrade and Improvements along Highway 12 $ 43,750.00 <br /> *Public Improvements include items such as paving/grading/landscaping within <br /> public rights-of-way, and improvements to sanitary sewer, watermain and stone <br /> sewer within public rights-of-way. <br /> In addition, the Developer shall deliver to the City separate letters of credit in the <br /> same form as provided above with respect to the following improvements, at the <br /> times specified below: <br /> 2. Private Improvements Lot 1, Block 1, <br /> Due before Building Permit release* $438,720.00# <br /> 132281 v1 <br /> - 9- <br />