1996-12-11 - CC Packet - Laserfiche WebLink

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Willow Glen DRAFT Development Agreement Revised December 5, 1996 a. The Developer shall provide to the City in writing an indication of the contractor selected by the Developer to construct and install the Public Improvements. The 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 financial status by any such contractor. b. Construction shall not begin until written notice authorizing construction to start is received by the Developer from the City. C. Construction shall be completed to the standards and specifications described in the plans and specifications entitled Willow Glen Sanitary Sewer and Watermain Improvements. d. The Developer shall provide a Disbursement Agreement as Security for the construction of the Public Improvements as referenced in paragraph B above, Public Improvements. e. As outlined in the Disbursement Agreement, the City shall give written notice to the Developer and the Lender whether the City approves or rejects the Public Improvements through that particular stage of construction submitted for approval. 3. Securit and Re uir i nt Thereof. Prior to the preparation of final plans and specifications for the construction of said improvements, the Developer shall provide to the City a cash escrow in an amount indicated in writing to provide for financing the cost of preparing said final plans and specifications by the City Engineer. Furthermore, the Developer shall also provide a cash escrow to the City in an amount indicated in writing to provide for financing the cost of inspection, staking, and construction administration by the City Engineer. Said cash escrow, including accrued interest thereon, may be used by the City upon default by Developer of this Agreement. ' Th a t L ......L ......_.. o letter of __ shall remai in full L.._.... and _ff__t Developer, at the City's option, but in no event shall be less than the total of the outstanding speeial assessments agaimf all properties wig-An the Subdivision. The entire cost of the installation of such improvements, including any reasonable engineering, legal, and administrative costs incurred by the City, shall be paid by the Dev elWer. equal ammal imt2llfnents with interest on the tinpaid imfallments at a rate not to exeeed the maximunt allowed by law. 2MI speeial assessments levied hereto shall be payable to the Deptity Glerk semiamteal iwta4ltnents over ten (10) yeafs eaftffneneing on May 15, 1997, of the yeaf after the levy of sueh assessment and aft eaeh Oeteber 15th and May 15th thereafter 2601084- 2404.oct Page 6