04-11-2005 Council Packet - Laserfiche WebLink

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8. • ‘ V w ' '' '■■• '' 4!'- . ■■ ■: : «■ 9. I.Insurance - The Developer will cause each person who constructs and installs any Improvement to maintain complete insurance coverage including Woilcmen's Compensation, Liability and Property Damage. Performaice SccHiity. For the purposes of assuring to the City that the Improvements will be completed according to the terms oftfiis agreement, and that the Developer will pay or will cause to have paidall claims fi>rwork done aiiu materials and supplies furnished, the Developer or his General Contractor will deposit with the City prior to issuance ofsite grading and building permits an irrevocable letter of credit (LOG) fiom a local (Twin Cities area) financial institution in a form satisfiKtmy to the CityiHOviding that theCity is able to draw upon such letter of credit in its sole discretion to complete die Inqxovements ifthe Developer fails to sadsfiKtorily complete the work prior to the completion date specified in Section 7 above. Further, ifthe required improvements are not completed at least thirty (30) days prior to the expiration of the LOC, the City may also draw on the LCX!. If the security is drawn down, the draw shall be used to cure the default. The amount ofsuch deposit shall be 1 S0% of the estimated improvement costs per the schedule to be attached to this document as Exhibit B. With City approval, the amount of the LOC may be reduced fimm time to time as substantial elements of the improvements are completed and iqjproved by the City Engineer, but in no case shall the LOC be reduced to a point less than 10% of the original amount uidil all inqnovements are complete and accepted by the City. The letter of credit shall expire no sooner dian one year after the completion date specified in Section 7 above, to allow for at least one fipeeze-thaw cycle for paridng lot settlement. Security to ensure survival of landscqiing vegetation shall be retained for eighteen (18) months after planting. Fees and Expeasas. The Developer agrees to pay all City fees required per the current City Fee Schedule and fiuther agrees to completely reimburse the City for all the variable additional expenses it incurs in regard to the review, inqrection and rqiproval of the hnprovements including, but not limited to, direct City payroll and overhead, costs, and fees paid to consultants and other professional, which are not covered by City qrpUcation fees. 10. Notke. ReqirirednoticestoOieDevelopaandOwner8hallbeinwriting,andshallbeeitherhand delivered to die Developer, die Owner, their employees or agents, ot mailed to the Developer and Owner by registered mail at the following addresses: Developer:Owner: Notices to the Qty shall be in writing and shall be either hand deli vered to the City Admini.strator, or mailed to the City by rostered mail in care of die City Administrator at the following address: Orono City Offices, 27S0 Kelley Parkway, P.O. Box 66, Crystal Bay, Minnesota 55323, Telephone (952) 249-4600. AP-5