2012 - Development Agreement - Laserfiche WebLink

Home Browse Search

24. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this Contract, payment of the costs of all Improvements and construction of all. Improvements, the Developer shall furnish the City with a letter of credit, in the form attached hereto (the "security"), from a bank for 150% of the cost of the Improvements, including any required landscaping. The amount of the security shall be $so, The bank shall be subject to the approval of the City Administrator. The City may draw down the security,upon five (5)business days' prior written notice to Developer,for any violation of the terms of this Contract. Amounts drawn shall not exceed the amounts necessary to cure the default. If the Improvements are not completed at least thirty(30)days prior to the expiration of the security, the City may also draw it down. If the security is drawn down,the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has been completed and financial obligations to the City have been satisfied, with City approval the security may be reduced from time to time by ninety percent (90%) of the financial obligations that have been 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. 25. 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: Park Fee 11,100.00 Storm Water and Drainage Trunk Fee 35,539.00 Page 12 of 22 165101v2