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2006-03-08 CC Packet
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2006-03-08 CC Packet
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5/9/2006 2:35:45 PM
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<br />I' <br /> <br />. \ <br />I <br /> <br />I' <br /> <br />on the Plat, the Developer shall identify in writing a responsible party for erosion control, street <br />cleaning, and street sweeping. <br /> <br />16. OWNERSIDP OF IMPROVEMENTS. Upon completion of the work and <br /> <br />construction required by this Agreement, the Improvements lying within public easements, shall <br />become City property without further notice or action; Developer shall retain ownership and <br />maintain all ponds and other erosion control measures until adequate ground cover has been <br /> <br />established on the Plat including all lots in the Plat, at which time responsibility for the ponds <br />revert to the City without further notice or action. However, the Developer shall maintain ponds <br />until the last lot in the development and all landscaping has been completed, and provided the <br />engineer for Developer shall certify that the ponds have been cleaned and provide the designed <br />holding capacity. <br /> <br />17. CITY ENGINEERING, ADMINISTRATION AND CONSTRUCTION <br />OBSERVATION. Before the City signs the fmal Plat, the Developer shall reimburse the City <br />for all of the City's out-of-pocket expenses incurred up to the date of this Agieement, including <br />. expenses incurred for legal, planning and engineering services. Furthermore, before the City <br /> <br />signs the final Plat, the Developer shall deposit with the City a $15,000 cash escrow for the <br /> <br />City's future out-of-pocket expenses for legal, planning, engineering, development agreement <br />compliance and inspection services. The peveloper agrees that the City has the right to request <br />additional deposits from time to time based on the City's estimates of future out-of-pocket costs. <br />18. SECURITY. To guarantee compliance with the terms of this Agreement, payment of <br />. real estate taxes, including interest and penalties, payment of the costs of all Public Improvements, <br />and construction of all Private Improvements, the Developer shall furnish the City with a Letter of <br />Credit in the form attached hereto as Exhibit B, from'a bank or other financial institution acceptable <br />to the City ("Security") for $_762,750.00. The amount of the Security was calculated as follows: <br /> <br />19. CONSTRUCTION COSTS: <br /> <br />Cost of Private Improvements, description: <br /> <br />Agreement Hunter's Crossing 3rd v5 <br /> <br />8 <br /> <br />1f <br />
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