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40°A.6, <br /> q <br /> D. Pre-Construction Conference -Prior to the start of any construction, the Developer <br /> and the Developer's Contractor shall meet with the responsible City official to review <br /> construction plans and schedules. <br /> E. Permits-Prior to the start of any construction,the Developer's Contractor shall apply <br /> for and receive all necessary permits from the City and/or government agencies <br /> having jurisdiction. <br /> F. Construction - The construction, installation and materials shall be in accordance <br /> with the plans and specifications approved by the City. <br /> G. Insurance - The Developer will cause each person who constructs and installs any <br /> Improvement to maintain complete insurance coverage including Workmen's <br /> Compensation, Liability and Property Damage. <br /> 12. Performance Deposit: For the purposes of assuring to the City that the Improvements will <br /> be completed according to the terms of this agreement, and that the Developer will pay all <br /> claims for work done and materials and supplies furnished,the Developer has deposited with <br /> the City at the time of the execution of this agreement an irrevocable letter of credit in a form <br /> satisfactory to the City providing that the City is able to draw upon such letter of credit in its <br /> sole discretion to complete the Improvements if the Developer fails to satisfactorily complete <br /> the work prior to the completion date specified in Section above. The amount of such <br /> deposit is $ per the schedule attached to this document as Exhibit D. The <br /> amount of such deposit shall not be reduced before substantial completion of the <br /> Improvements. The letter of credit shall expire no sooner than six months after the <br /> completion date specified in Section above. <br /> 13. Fees and Expenses: The Developer agrees to pay all City fees required per the current City <br /> Fee Schedule and further agrees to completely reimburse the City for all the variable <br /> • additional expenses it incurs in regard to the review and approval of the Improvements <br /> including, but not limited to, direct City payroll and overhead, costs, and fees paid to <br /> consultants and other professionals. <br /> C. Financial Considerations <br /> 14. Basis for City Financial Assistance. Because the Senior Housing Building component of the <br /> Development meets certain housing goals established by the City of Orono in its Community <br /> Management Plan, the City Council has agreed to provide financial assistance to the <br /> Page 7 of 16 <br />