2003-11-12 CC Packet - Laserfiche WebLink

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.' Lakeland Hills Development Agreement DEVELOPER'S COPY FINAL January 5, 1998 construction of all Private Improvements and hereby guarantees the workmam:hip and materials for a period of two years following the City's final acceptance of the Private Improvements. The Developer agrees to guarantee for a period of one year the tree plantings required as part of the Developer's Agreement, including one tree per lot or two per comer 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 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 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 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 terms 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. g. 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 Private 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. h. Ap,proval 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. 1. Individual Lots. Five individual lots will be provided a service for connection to the drain tile system along the curb and gutter as appropriate according to placement of the draintile system. The lots that will meet this requirement are as follows: 260/083-1904.feb Page 5