2019-05-22 CC Packet - Laserfiche WebLink

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engineer for Developer shall certify that the ponds have been cleaned and provide the designed holding capacity prior to the City certifying the ponds. All of the easements set forth in this Section must be reduced to writing and recorded on the Final Plat. 17. SUPERIOR RIGHT OF TITLE. The Developer agrees, and shall not cause any mortgage, lien, easement, covenant or other encumbrance on title to the Land to be superior to any right or title the Developer grants to the City for an easement, this Agreement, or any feature included on the Final Plat, including covenants for the maintenance of common open space, except by an express written authorization approved by the City Council. 18. ADMINISTRATION COSTS. The Developer shall reimburse the City for all of the City's actual 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 $20,000 and maintain with the City a minimum of $10,000 cash escrow for payment of these accrued or future costs in the amounts listed in city code. The City shall draw against the escrow to reimburse itself for all such 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 and replenish such escrow. Unless excused by the City Council, the Developer shall maintain the escrow for a period of one-year after either the termination of this agreement or completion of all construction and landscaping, whichever is a longer period. At the conclusion of construction in Phase 2, the parties will negotiate a reduced amount of escrow to be held by the City until such time as this Agreement terminates. 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. VERSION FOR COUNCIL 05/22/2019 Page 10