08-14-2023 Council Packet - Laserfiche WebLink

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7 227533v1 security, the City may also draw it down. If the security is drawn down, the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has been completed and financial obligations to the City have been satisfied, with City approval the security may be reduced from time to time by ninety percent (90%) of the financial obligations that have been satisfied. Ten percent (10%) of the amounts certified by the Developer's engineer, and approved by City's Engineer, shall be retained as security until all Improvements have been completed, all financial obligations to the City satisfied, the required "as constructed" Plans have been received by the City, a warranty security is provided, and the public Improvements are accepted by the City Council. The City standard specifications for utilities and street construction outline procedures for security reductions. 25. Summary of Cash Requirements. The following is a summary of the cash requirements and fees due under this Contract, which must be paid in cash at the time of Final Plat approval: Storm Water and Drainage Trunk Fee $16,120.00 Park Dedication Fee $7,925.73 Sanitary Sewer Charges $15,730.00 Final Plat Fee (remaining balance) $50.00 Total: $39,825.73 26. Warranty. Developer warrants all Improvements against poor material and faulty workmanship. The warranty period for streets is one year. The warranty period for underground utilities is two years and shall commence following completion and acceptance by the City Council. The one year warranty period on streets shall commence after the final wear course has been installed and accepted by the City Council as documented in official City minutes. Developer shall post a maintenance bond, letter of credit or cash deposit (the “Maintenance Security”) in an amount reasonably determined by the City Engineer. The City Engineer shall examine the condition of the Improvements when determining the amount of the Maintenance Security. The City shall retain ten percent (10%) of the Security until the Maintenance Security is furnished the City or until the warranty period expires, whichever first occurs. The retainage may be used to pay for warranty work. The City standard specifications for utilities and street construction identify the procedures for final acceptance of streets and utilities. 27. Responsibility for Costs. A. Except as otherwise specified herein, Developer shall pay all costs incurred by it or the City in conjunction with the development of the Land, including but not limited to Minnehaha Creek Watershed District charges, legal, planning, engineering and inspection expenses incurred in connection with approval and acceptance of the Plat, the preparation of this Contract, review of construction plans and documents, and all costs and expenses incurred by the City in monitoring and inspecting development of the Project. B. Developer shall hold the City and its officers, employees, and agents harmless from claims made by itself and third parties for damages sustained or costs incurred resulting from Plat approval and development of the Project. Developer shall defend and DRAFT