08-23-1999 Council Packet - Laserfiche WebLink

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draw upon such letter of credit in its sole discretion to complete the Plan A Improvements. The amounts required for letter of credit shall be determined by the City Engineer. Letter of credit shall be for 150% of the estimated costs for the improvements as estimated by the City Engineer. The City may authorize reduction of the amount of such letter of credit as completion of the Plan A Improvement progresses, based upon recommendations by the City Engineer and the City Engineer's estimate of the cost of completion of all remaining Plan A Improvements and so long as the amount of the letter of credit is not reduced to less than 50% of the cost of all amounts to be paid by Subdivider. Upon completion of all Plan A Improvements, and final acceptance or approval thereof by the City Engineer, and receipt of all appropriate lien waivers acknowledging complete payment for all labor and materials and services related thereto, the letter of credit shall be released with the exception of a 10% retainage. The retainage will be held for one (1) year from the completion of all improvements as a warranty and guarantee of the improvements. Final release of the retainage will not be made until expiration of the one (1) year period, and final acceptance and approval of all Plan A Improvements by the City Engineer, including a certification that no defective workmanship or materials are present and that any and all required repairs or replacements have been satisfactorily completed. 6. Plan B Improvements Construction Security . A.Payment. In the absence of the City ordering the Subdivider to construct the Plan B Improvements, the Subdivider will pay to the City an amount equal to 112% of the estimated costs, as determined by the City Engineer, for completion of the Plan B Improvements. If the City determines at any point in the future, that the Plan B Improvements are to be constructed, the City will bear any costs in excess of the 112% payment amount. 7. Services to he Performed bv City and Payment therefor A.Plan A Improvements. With respect to Plan A Public and Private Improvements, the City Engineer: (1) will approve plans prepared by the Subdivider's engineer as for lot layout, street and easement locations, proposed building service and curb cut locations and Site Grading Improvements. will review and approve the Subdivider's securing of all necessary permits. will make inspections for construction monitoring purposes consistent with standard City policies and practices for public i i