Laserfiche WebLink
Eagle Pass Development Agreement <br /> both the Private Improvements and the Street and Utility Improvements, as <br /> determined by the City Engineer. All such easements requested by the City shall be <br /> in writing, in recordable form, and on the standard easement form of the City and <br /> on such other terms and conditions as the City shall determine. <br /> g. Faithful Performance of Construction Contracts and Letter of Credit The <br /> Developer will fully and faithfully comply with all terms and conditions of any and <br /> all contracts entered into by the Developer for the installation and construction of <br /> all Private Improvements and hereby guarantees the workmanship and materials for <br /> a period of two years following the City's final acceptance of the Private <br /> Improvements. The Developer agrees to guarantee for a period of one year the tree <br /> plantings required as part of the Developer's Agreement. Each specific tree <br /> guarantee period shall begin with the planting of each specific tree. Concurrently <br /> with the execution hereof by the Developer, the Developer will furnish to, and at all <br /> times thereafter maintain with the City, a cash deposit, certified check, or an <br /> Irrevocable Letter of Credit, based on one hundred fifty (150 %) percent of the total <br /> estimated cost of the Private Improvements as indicated in Paragraph Al. The <br /> Irrevocable Letter of Credit shall be for the exclusive use and benefit of the City of <br /> Centerville and shall state thereon the same is issued to guarantee and assure <br /> performance by the Developer of all the terms and conditions of this Development <br /> Contract and construction of all required improvements in accordance with the <br /> ordinances and specifications of the City. Such letter of Credit may be reduced <br /> upon completion and acceptance of the Private Improvements by the City to an <br /> amount deemed adequate by the City Engineer to cover the two year warranty <br /> period described herein. The City shall have the right during said warranty period <br /> to draw on the Letter of Credit for any warranty work that is necessary. The City <br /> reserves the right to draw, in whole or in part, on any portion of the Irrevocable <br /> Letter of Credit for the purpose of guaranteeing the terms and conditions of this <br /> contract. The Irrevocable Letter of Credit shall be renewed or replaced by not later <br /> than twenty (20) days prior to its expiration with a like letter or bond. <br /> h. Reduction of Escrow Guarantee The Developer may request reduction of the <br /> Letter of Credit or cash deposit based on prepayment or the value of the completed <br /> Private Improvements at the time of the requested reduction. The amount of <br /> reduction will be determined by the City and such recommendation will be <br /> submitted to the City Council for action. <br /> I. Approval of Contractors Any contractor selected by the Developer to construct <br /> and install any Private Improvements must be determined in writing by the City <br /> Engineer to be acceptable. The City reserves the right to require satisfactory proof <br /> of successful experience and adequate financial status by any such contractor. <br /> B. STREET AND UTILITY IMPROVEMENTS In accordance with the policies and <br /> ordinances of the City, the following described improvements (hereinafter collectively called <br /> 260/078- 2106.aug Page 4 <br />