1998-12-07 Packet - Laserfiche WebLink

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NOV -24' 981 H; 15!38 BARNA GUY STEFFE TEL:612 'SO 177 °. 006 e. Faithful Performance of Construction Contracts and Letter of Credit. The Developer will fully and faithfully comply with all tenor and conditions of any and all contracts entered into by the Developer for the installation and construction of all Private Improvements and hereby guarantees the workmanship and materials for a period of two years following the City's final acceptance of the Private Improvements, The Developer agrees to guaranty for a period of one year the tree plantings required as part of the Developer's Agreement Each specific tree guaranty period shall begin with the planting of each specific tree. Concurrently with the execution hereof by the Developer, the Developer will furnish to, and at all times thereafter maintain with the City, a cash deposit, certified check, or an Irrevocable Letter of Credit, based on one hundred fifty percent (150 %) of the total estimated cost of the Private ltr-provements as indicated in Paragraph Bl. The lrrovocable Letter of Credit shall be for the exclusive use and benefit 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 B1 of this Development Contract, Such Lotter of Credit may be reduced upon completion and acceptance of the Private Improvements by the City to an amount deemed adequate by the City Engineer to cover the two year warranty period described herein. The City shall have the right during said warrant period to draw on the Letter of Credit for any warranty work that is necessary. The Irrevocable Letter of Credit shall be renewed or replaced by not later than iwenty (20) days prior to its expiration with a like letter or bond. f. Reduction of Escrow Guaranty. The Developer may request a reduction of the Letter of Credit or cash deposit based on prepayment or the value of the completed Private Improvements at the time of the requested redcctiom The amount of reduction will be determined by the CiCy and such recommendation will be submitted to the City Council for action. Q. Approval of Contractors. Any contractor selected by the Developer to construct and 'install any Private Improvements must be determined in writing by the City Engineer to be acceptable. The City reserves the right to require satisfactory proof of successful experience and adequate financial Status by any such contractor. C. SANITARY SEWER AND STREET RECONSTRUCTION IMPROVEMENTS in accordance with the policies and ordinances of the City, the following described improvements (hereinafter collectively called the "Sanitary Sewer and Street Reconsiruction Improvements "), include improvements as described by the plans, specifications, and contract documents prepared by the City Engineer and adopted and approved by the City Council. Said improvements shall be constructed and installed by the Developer to serve the Subdivision on the terms and conditions according to 4