1998-12-07 Packet - Laserfiche WebLink

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SEC 9 ?' 98(MONl 14 :U DIVA 3l'ZP S'TEFFE the total estimated cost 01 Private Improvements as indicated in Paragraph Bl. 'rho Irrevocable Letter or Credit shall s for the exclusive use and benent of the City of Centerville and shall state thereon, the same is issued to guaranty and assure performance by the Developer of all the terms and conditions of paragraph B I of this Development Contract, such Lei of Credit may redu c P rivat e Improvements upon completion and acceptance of the Improvements upon by the City to an amount deemed adequate by the City Engineer to sever The City shall have the two year warrant period described herein. the right during said warrant period to draw on the Letter of Credit for any warranty work that is necessary. The Irrevocable Latter prior shall be renewed days prio or replaced by not later than twenty (20) r to its expiration with a like letter or bond. f Reduction of Escrow Guaranty , The Developer may request a reduction ym �Ahe r e u or the va]ue of the completed Private Improerats at the time of reduction. The amount of reduction will be determined by th City and such recommendation will be submitted to the City Council for action, 8• Approval of Contractors. Any contractor selected by the Developer to construct and install any private Improvements must be dercrnined in writing by the City Engineer to be acceptable. The City rescmes the r'ght to require sausfac:ory proof of successful. experience and adequate financial status by any such contractor. C. �NIT�Ry SEWER Aiti CTRRP t nr accor dance w1Ln the CQ� S'I'R TION IbIPR err policies and ordinances afthe City, lire foi:owD described In er coil itnptro vements (h ereinaftectively called the "Sanit Reconstruction improvements "), include improvements as dSewer and Street speci ad by the plans fications, and y C contrac t d ol ocuments preparcd by the Ci y Engineer mid adopted and approved by the City Couuil. Said improvements installed by the Deve,'nper to serve the Subdivision on the shall be constructed and inst terms and conditions according t ordinance number 8, section 38.01, and other improvements specific to the Development herein set forth: 1 • i'M flu t od, cons tructed, struct d, All such improvements speeifed herein shall be insti ueri, ostntcted, and such as follows: a• The Developer shall provide to the City in writing an indication of the contractor selected by the Developer to construct and instal) the street reconstruction improvements, '1'lte City shall reserve the right to determine if the contractor selected by the Developer is acceptable. The City reserves the right to require satisfactory proof of successful experience and adequate status by any such contractur. 4