12-12-2016 Council Packet - Laserfiche WebLink

Home Browse Search

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, 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 AND FEES. 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: Park Dedication Fee $27,750.00 Storm Water and Drainage Trunk Fee 46,080.00 Final Plat Fee $700.00 Total Cash Requirements & Fees 74 0.00 26. WARRANTY. The 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. The 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. 190443v2 11