2001-09-26 CC - Laserfiche WebLink

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Eallle Pass . ; De~e!opment Agreement e. Easernent~ - The Developer shall make available to the City, at no cost to the City, all permanent or temporary easements necessary for the installation and use of the both the Private: Improvements and the Street and Utility Improvements, as ddermined by the City Engineer. All such easements requested by the City shall be in VvTiring, iJl recordable form, and on the standard easement form of the: City and on such other terrns and conditions as the City shall determine. The Developer shall be fully responsible for the recording of such easements. .... 1. Faithful Performance of Constl11ction Contracts and Letter of Credit. The Developer wili fully and faithfully comply witb. all terms and condi[ions of any and all contracts entered into by the Developer for the installation and construction of all Private Improvements and hereby guarantees the workmanship and materials for a period of two yeats following t.r"e City's final acceptance of the Private Improvements. The Developer agrees to guarantee for a period of one year the tree pla.!ltings required as pan of the Developer's Agreement. Each specific tree gU.aramee p-;:;riod shall begin with the planting of each specific tree. Concurrently with the execution hereof by the Developer, the Developer will furnish to, and at all times Lhereafter maintain with the City, a cash deposit, certified check, or an Irrevocable Letter of Credit, based on one hundred fifty (150%) percent of the tot.al estinlated cost of the Private Improvements as indicated in Paraglaph AI. The Irrevocable Letter of Credit shall be for the exclusive use and benefit of the City of Centervilk and shall stare thereon the same is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Development Contract and constmction of all required i'rnprovemertls in accordance with the ordilli.'lnces and specifications of the City, Such letter of Credit may be reduced upon completion and acceptance of the Private Improvements by the City to an amount deemed adequate by me City Engineer to cov<.:r the two year warranty period described herein. The City shaU have the right during said warramy period to draw on the Letter of Credit for any \varranty work mat is necessary. The Cit): reserves the right ro draw, in whok or in p:H1; on any portion of the IrreYoc~lble Letter of Credit for the purpose of guaranteeing the remlS and conditions of this comraCL The Irrevocable uttE:r of Credit shall be renewed or replaced by not later than twenty (20) days prior to its expiration with a like letter or bond. (T 1;;0. Reduction of E,,~r0w GU8rantee. The Developer may request reduction of the Letter of Credit or cash deposit based on prepaymem or [he value of [he completed Private Improvements at the time of the requested reduction. The amollnt of redUCtion \vil1 be determined by the City and such recommendation will be submitted to the City Council for action. h. ApprOVal of Contractors. A.l.IY contractor selected by the Developc:r to constmct and iI"1Stall any Private Improvements must be determined in writing by the City Engineer to be acceptable. The CiI)' reserves [he right to require satisfactory proof of successful experience and adequate financial status by any such contractor.