2017-11-08 CC Packet - Laserfiche WebLink

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construction is active, developer or his agent shall frequently inspect streets and make sure that they are swept of dirt and debris. 15. OWNERSHIP OF IMPROVEMENTS. Upon completion and acceptance of the work and construction required by this Agreement,the Improvements lying within public easements, shall become City property without further notice or action; Developer shalt retain ownership and maintain all ponds and other erosion control measures until adequate ground cover has been established on the Plat including all lots in the Plat, at which time the ponds shall become property of the Home Owner's Association with the Plat indicating an easement in favor of the public for storm water use and an easement in favor of the City for entry and maintenance. However,the Developer shall maintain ponds until the development is complete in conformance with this agreement, and provided that the engineer for Developer shall certify that the ponds have been cleaned and provide the designed holding capacity prior to the city taking over responsibility for any ponds in the development. 16. ADMINISTRATION COSTS. The Developer shall reimburse the City for all of the City's out-of-pocket expenses for this development including, but not limited to expenses incurred for legal,planning, engineering services, development agreement compliance and inspection services. The Developer shall deposit and maintain with the City a $10,000 cash escrow for payment of these accrued or future costs. The Developer agrees that the City has the right to request additional deposits from time to time based on the City's estimates of future out- of-pocket costs. The City may halt plat development and construction for any unpaid bills until they are paid in full and the escrow replenished to its original amount. Bills not paid within thirty(30)days shall accrue interest at the rate of eighteen percent(18%)per year. City may at its option draw against developer security to reimburse itself for such costs. Before the City signs the final Plat,Developer must pay or satisfy all of these costs, and any other unpaid governmental fees, assessments,judgments or real estate taxes,plus any penalty and interest. VKG--2017-11-03 Page 7 22