06-09-2025 - Agenda Packet City Council - regular meeting

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3. Private Improvements Lot 1, Block 2, Due before Building Permit release* 4. Private Improvements Lot 2, Block 2, Due before Building Permit release* 5. Private Improvements Lot 3, Block 2, Due before Building Permit release* * Release will be permitted on a Lot by Lot basis. $3353066.88 # $266,206.56 # $476,093.44 # # Amounts will be recalculated and adjusted at the time of Building Permit Approval based upon then existing anticipated costs. This breakdown is for historical reference; it is not a restriction on the use of the security. The bank shall be subject to the reasonable approval of the City Administrator. The security must be in the form as provided for in the example Letter of Credit attached hereto and incorporated by reference. The City may draw down the security, with notice, for any violation of the terms of this Agreement, subject to the cure periods provided in this Agreement. If the required Public or Private Improvements are not completed and the City receives a notice of non - renewal of the letter of credit from the issuer thereof, the City may also draw it down and hold the funds as a cash escrow to secure compliance with the requirements by the Developer. 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, which shall not be unreasonably withheld, conditioned or delayed, the security may be reduced from time to time. For Public Improvements, ten percent (10%) of the amounts certified by the Developer shall be retained as security until all Public Improvements have been completed, all necessary utility easements have been provided, all financial obligations to the City satisfied, the required "as constructed" Plans have been received 132281 viI -10- 129