1999-07-14 Packet - Laserfiche WebLink

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I - herein. The City shall have the right during said warrant period to draw on the Letter of Credit for any warranty work that is necessary. The Irrevocable Letter of Credit shall be renewed or replaced by not later than twenty (20) days prior to its expiration with a like letter or bond. f. Reduction of Escrow Guaranty. The Developer may request a reduction of the Letter of Credit or cash deposit based on prepayment or the value of the completed Private Improvements at the time of the requested reduction. The amount of reduction will be determined by the City and such recommendation will be submitted to the City Council for action. g. Approval of Contractors. Any contractor selected by the Developer to construct and install any Private Improvements must be determined in writing by the City Engineer to be acceptable. The City reserves the right to require satisfactory proof of successful experience and adequate financial status by any such contractor. C. STREET AND UTILITY IMPROVEMENTS. In accordance with the policies and ordinances of the City, the following described improvements (hereinafter collectively called the "Street and Utility Improvements"), include improvements as described by the plans, specifications, and contract documents entitled Royal Industrial Park Utility and Street Improvements, as prepared by the City Engineer and as adopted and approved by the City Council. Said improvements shall n be constructed and installed by the Developer to serve the Subdivision on the terms and l conditions according to Ordinance #8, Section 38.01, and other improvements specific to the , development herein set forth: 1. Street Construction. The base course shall be completed on or before October 15, 1999. The wear course shall be completed on or before August 31, 2000, or the City deems appropriate according to the progress of work on the individual lots. The Developer shall be liable for any increase in cost for construction of the wear course due to delays in construction on the individuals lots. 2. Construction Procedures. All such improvements set out in Ordinance #8, Section 38.01, and as additionally specified herein shall be instituted, constructed, and financed as follows: a. The Developer shall provide to the City in writing an indication of the contractor selected by the Developer to construct and install the Street and Utility Improvements. The City shall reserve the right to determine if the contractor selected by the Developer is acceptable. The City reserves the right to require satisfactory proof of successful experience and adequate status by any such contractor. b. Construction shall not begin until written notice authorizing construction to start is received by the Developer from the City. c. Construction shall be completed to the standards and specifications described in the plans and specifications entitled Royal Industrial Park Utility and Street Improvements. Developer authorizes the City and/or the City Engineer to inspect construction of the Street and Utility Improvements and grants to them a license to enter the Subdivision to perform all necessary work and/or inspections deemed appropriate during said construction, and through expiration of any applicable warranty period. d. Developer shall, upon execution of this Agreement, provide the City with cash, letter of credit or other surety, with the form of any non -cash surety to be