1996-06-10 - CC Packet - Laserfiche WebLink

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Clearwater Meadows Development Agreement 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 (150 %) percent of the total estimated cost of the Developer's Improvements as indicated in Paragraph IA. The Irrevocable 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 guarantee and assure performance by the Developer of all the terms and conditions of this Development Contract and 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 Developer Improvements by the City to an amount deemed adequate by the City Engineer to cover the one year warranty period described herein. The City shall have the right during said warranty period to draw on the Letter of Credit for any warranty work that is necessary. The City reserves the right to draw, in whole or in part, on any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the terns and conditions of this contract. The Irrevocable Letter of Credit shall be renewed or replaced by not later than twenty (20) days prior to its expiration with a like letter or bond. 8. Reduction 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 improvements at the time of the requested reduction. The amount of reduction will be determined by the City and such recommendation will be submitted to the City Council for action. 9. Approval of Contractors Any contractor selected by the Developer to construct and install any Developer Improvement 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. 2. CITY'S EMPROVEMFNTS In accordance with the policies and ordinances of the City, the following described improvements (hereinafter collectively called the "Improvements "), to include improvements as described by the plans, specifications and contract documents entitled Clearwater Meadows Street and Utility Improvements, as prepared by the City Engineer, MSA Consulting Engineers, and as adopted and approved by the City Council of the City of Centerville. Said improvements shall be constructed and installed by the City to serve the Subdivision on the terns and conditions according to Ordinance #8, Section 3 8. 01 and other improvements specific to the development herein set forth: K- GDEV.WPS Page 5