05-12-2003 Council Packet - Laserfiche WebLink

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9. K)Upon completion of the work, the developer shall have his Engineer provide the City with a full set of as-built mylar reproducible plans for City records, as well as an electronic copy of said plans. These plan: ^hall include the locations and ties to all sanitary sewer and watermain services as well as gate valve boxes and manholes. “As-Builts” shall be provided for for each ponding area and shall include two (2) fc. ♦ contours mapping of the ponding area to a minimum of four (4) feet above the designated high * '.ter level. “As-Builts" shall include inlet and outlet invert elevations of all immediately downstream existing off-site stormwater facilities which could affect stonnwater levels on the Property. It is specifically understood that final acceptance of the Improvements to be publicly owned, including Kelley Parkway and its associated appurtenances, sanitary sewer and water systems and stormwater systems, and other off-site road improvements, shall take the form of a Resolution duly passed by the Orono City Council, on the advice of the City Engineer. Performance Deposit : For the purposes of assuring to the City that the Improvements will be completed according to the terms of this agreement, and that the Developer will' .y or will cause to have paid all claims for work done and materials and supplies furnished, the Developer or his General Contractor will deposit with the City prior to issuance of site grading and building permits an irrevocable letter of credit in a form satisfactory to the C ity providing that the City is able to draw upon such letter of credit in its sole discretion to complete the Improvements if the Developer fails to satisfactorily complete the work prior to the completion date specified in Section 8 above. The amount of such deposit shall be 150% of the estimated improvement costs, as determined by the City, per the schedule to be attached to this document as Exhibit M. The amount of such deposit shall not be reduced before substantial completion of the Improvements. The letter of credit shall expire no sooner than six months after the completion date specified in Section 8 above. At no time during any Phase will the financial guarantee be reduced to less than $ 100,000. This amount shall not be released until all improvements and obligation covered by the financial guarantee have been completed, including delivery of record plan sets to the City. 11. The Developer shall be required to furnish the City a maintenance surety in a form acceptable to the City, guaranteeing the Improvements to the City as follows: a)The Developer shall guarantee all work relating to utilities, appurtenances, material and equipment furnished by him for a penod of two (2) years from the date of written acceptance of the work or project. The Developer shall provide to the City a Warranty Bond for the value of the completed improvements, as determined by the City, for the guarantee time period. Developer Initial _____ Page 11 of 20 City Clerk Initial. i J