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. ' <br /> c. Contractors -- The Developer shall select,retain and supervise the Contractor{s) <br /> responsible for Improvement construction.The City reserves the right to require <br /> satisfactory proof of successful experience and adequate financial status of any <br /> such contractor. Where required by City ordinance,the contractor shall first <br /> obtain a Iicense from the City. <br /> d. PreConstruction Conference--Prior to the start of any construction,the <br /> Developer and the Developer's Confractor shall meet with the responsible City <br /> official to review construction plans and schedules. <br /> e. Permits-Prior to the start of any construction,the Developer's Contractor shall <br /> apply for and receive all necessary permits from the Ciiy and/or government <br /> agencies having jurisdiction. No building permits will be issued until ali drainage <br /> facilities and drainage impzovements have been instalied and a satisfactory road <br /> base,including the first bituminous Iayer,has been installed. <br /> £ Construction-The construction,installation and materials sha11 be in accardance <br /> with the plans and spec�cations approved by the City. <br /> g. Insurance -The Developer will cause each person,who constructs and installs any <br /> Improvement to maintain complete insurance coverage including Worker's <br /> Compensation,Liability and Property Damage. <br /> 5. Performance Deposit: For the purposes of assuring to the City that the Improvements will be <br /> completed according to the terms of this agreement, and that the Developer will pay all <br /> claims for work done and materials and supplies furnished,the Developer has deposited with <br /> the City at the time of the execution of this agreement an irrevocabie letter of credit in a form <br /> satisfactory to the City providing that the City is able to draw upon such letter of credit in its <br /> sole discretion to complete the Improvements if the Developer fails to satisfactorily complete <br /> the work prior to the complstion date specified in Section 4 above. The a.mount of such <br /> deposit shail not be reduced before substantial completion of the Improvements.The letter of <br /> credit shall expire no sooner than six months after the completion date specified in Section 4 <br /> above,or no sooner than August 31, 2006,whichever is later. <br /> 6. Fees and Expenses: The Developer agrees to pay all City fees required per the current City <br /> Fee Schedule and furttter agrees to completeiy reunburse the City for alI the variable <br /> additional expenses it incurs in regard to the review and approval of the Improvements <br /> inciuding,but not limited to,direct City payroll and overhead, costs,and fees paid ta <br /> consultants and other professionals. <br /> 7. Resolutions of Citv. Developer agrees to be bound by the provisions set forth in ali <br /> resolutions of the City Council approving the Development. <br /> 8. Termination: This Agreement shall be terminated upon the completzon of alI Improvements <br /> set forth in this Agreement. <br /> Page 3 of 5 <br /> Initials of Developer <br /> Initials of City Clerk <br />