1997-12-22 - CC Packet - Laserfiche WebLink

Home Browse Search

Lakeland Hills ENGINEER'S COPY Development Agreement Revised October 15, 1997 Trail Easement - Lakeland Circle to School Park Drainage and Utility Easement - Westview to Plat f. Faithful performance of Construction Contracts and T erter of Credit The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer for the installation and const_ntctior, of all Private Improvements and hereby guarantees the workmanship and materials for a period of two years following the City's find acceptance of the Private Improvements. The Developer agrees to guarantee for a period of one year the tree plantings required as pan of the Developer's Agreement, including one tree per lot or two per corner lot, as per City Ordinance. Each specific tree guarantee 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 ten percent (110 %) of the total estimated cost of the Private Improvements as indicated in Paragraph A1. The Irrevocable Letter of Credit shal_I be for the exclusive use and benefit of the City of Centerville and shall state t`:ereon the same is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Development Contract an construction of all required improvements in accordance with the ordinances and specifications of the City. Such Letter 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 wat?anty period described herein. The City shall have the right during said warranty period to draw on the Letter of Credit for am warranty work that is necessary, The City reserves the right to draw, in whole or in part, or, any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the terms and conditions of this contract. The Irrevocable Letter of Credit shall be renewed or r ^placed by not later than twenty (20) days prior to its expi a ou with a like letter or band. C. RedilactioD of Escrow Guarantee The Developer may request 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 reduction. The amount of reduction will be determined by the Ciry and such recommendation will be submitted to the City Council for action. h. 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. 26UID83. l4 w.fch Pap 5