2003-09-10 CC Packet - Laserfiche WebLink

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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 percent (150%) of the total estimated cost of the Private Improvements as indicated in Paragraph B 1. 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 guaranty and assure performance by the Developer of all the terms and conditions of Paragraph B 1 of this Development Contract. 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 descnbed 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 Irrevo~able Letter of Credit shall be renewed or replaced by not later than twenty (20) days prior to its expiration with a like letter. f. Reduction of Escrow Guaranty. The Developer may request a 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. g. 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. C. STREET AND UTILITY IMPROVEMENTS. In accordance with the policies and ordinances of the City, the "Street and Utility Improvements" include those improvements as described by the plans, specifications, and contract documents entitled Hunters Crossing 2nd Addition Street and Utility Improvements, as prepared by the City Engineer and as adopted and approved by the City Council. ~ ,- The Developer hereby requests that the City install and/or modify the necessary streets, sanitary sewer, water, municipal storm sewer to service the proposed development. The City agrees to proceed pursuant to Minnesota Statutes Chapter 429, the Petition for Local Improvement signed by Developer dated June 15, 2003 signed June 15, 2003, and the Agreement of Assessment and Waiver of Irregularity and Appeal signed by Developer dated August 8, 2003, and to specially assess 100% of the cost of said improvements to the subject property, with the exception of those costs attributable to the oversizing of the watermain, which costs are as set forth in the Hunters Crossing 2nd Addition Street and Utility Improvements as prepared by the City Engineer. Said oversizing costs will be the responsibility of City. As provided by Minnesota Statute 429, this waiver of rights of appeal is effective for the amount of $1,244,134.00 (excluding change orders during co~truction). 5