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r <br />c. Coiilractors -The Developer sliall select, retain anti supervise the Contractor(s) <br />responsible for Improvement construction. The City reserves the right to require <br />satisfactory proof of successful experience and adequate financial status of any <br />such contractor. Where required by City ordinance, the contractor shall first <br />obtain a liccn.se from the City. <br />d. I’reConstruction Conference -Prior to the start of any construction, the Developer <br />and the Developer ’s Contractor shall meet with the responsible City official to <br />review construction plans and schedules. <br />e. Permits -Prior to the start of any construction, the Developer ’s Contractor shall <br />apply for and receive all necessary permits from the City and/or government <br />agencies having juri.sdiction. No building pcmiits will be issued until all drainage <br />facilities and drainage improvements have been installed and a satisfactory road <br />base, including the first bituminous layer, has been installed. <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 Worker ’s <br />Compensation, I.iability and Property Damage. <br />5- l*erl’oniia nce Deposit : For the purposes of assuring to the City that the Improvements will be <br />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 fomi <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 4 above. The amount of such <br />deposit shall not be reduced before substantial completion of the Improvements, fhe letter of <br />credit shall expire no .sooner than six months aP.er the completion date .specified in Section 4 <br />above, or no sooner than_ ___________________whichever is later. <br />b. Fees and Hxpenses: 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 i; incurs in regard to the review and approval of the Improvements <br />including, hut not limited to, direct City payroll and overhead, costs, and fees paid to <br />consultants and other professionals. <br />7. Resolutions of City. Developer agrees to be bound by the provisions set forth in all <br />re.solutions of the City Council approving the Development. <br />8. I^rminalion: This Agreement shall be terminated upon the completion of all Improvements <br />set forth in this Agreement. <br />Page 3 of 5 <br />*1 <br />Initials of Developer <br />Initials of City Clerk