2020-08-12 CC Packet - Laserfiche WebLink

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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. 12. ADMINISTRATION COSTS. The Developer shall reimburse the City for the velopment including, but not limited to expenses incurred for legal, planning, engineering services, development agreement compliance and inspection services. In addition to those monies deposited by the Developer for Phase One, with respect to Phase Two (the Second Addition), the Developer shall deposit as of the Effective Date, such monies as are necessary to 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 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 the Agreement and Supplement, or completion of all construction and landscaping, whichever is a longer period. At the conclusion of construction of the Second Addition, the parties will negotiate a reduced amount of escrow to be held by the City until such time as the Agreement and this Supplement 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. Before the City releases the Final Plat for recording, the Developer must pay or satisfy all of these escrow requirements or costs, and any other unpaid governmental fees, assessments, judgments, or real estate taxes, plus any penalty and interest. 13. SECURITY. The amount of the Security for the Second Addition is calculated as shown in Exhibit D. These calculations are for historical reference and are not a restriction on the use Version 8/6/2020-1 for Council packet Page 7