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ATTACHMENT A <br />b.Developer’s failure to comply with the terms of this section shall permit the City <br />Engineer to issue a stop work order which may result in a rejection of the work and <br />which shall obligate the Developer to take all reasonable steps, as directed by the <br />City Engineer, to ensure that the improvements are constructed and inspected <br />pursuant to the terms of this Agreement. Such failure shall further result in the <br />assessment of a penalty upon the occurrence of each such failure to comply, in an <br />amount equal to 1% of the amount of the security required for such improvements, <br />which penalty the Developer agrees to pay immediately upon demand by the City. <br />11.Engineering Coordination. A City Engineering Coordinator shall be assigned to <br />this project to provide further protection for the City against defects and deficiencies in the work <br />and improvements through the observations of the work in progress and field checks of materials <br />and equipment. However, the furnishing of such engineering coordination will not make the City <br />responsible for construction means, methods, techniques, sequences or procedures or for the safety <br />precautions or programs, or for the Developer’s failure to perform its work in accordance with the <br />Public Improvement Construction Plans. The Developer is obligated to pay the City for City <br />inspection services at an estimated cost of $200.00, which equals four percent (4%) of the <br />estimated cost of the public improvements, which amount is $5,000 .00. This amount shall be paid <br />uponor prior to the execution of this Agreement. <br />12.Security. To guarantee compliance with the terms of this Agreement, payment of <br />the costs of all Public Improvements and construction of all Public Improvements, the Developer <br />shall furnish either: a) a cash deposit, or b) an irrevocable letter of credit of$6,250.00 in a form to <br />be approved by the City (the “Financial Security”). The amount of the Financial Security is 125% <br />of the estimated cost to construct the Public Improvements. The City shall have the right to draw <br />on the Letter of Credit in the event that the Developer fails to perform any of its obligations under <br />this Agreement. <br />a. Reduction of Security. Periodically upon the Developer’s written request, the City <br />Engineer may reduce the amount of the Financial Security for completed Public <br />Improvements provided the following conditions are met: <br />(i) The Developer’s engineer certifies that the Public Improvements have been <br />constructed to City Standards and in accordance with the Plans. <br />(ii)The Developer provides documentation that its contractors andall their <br />subcontractors and suppliers have been paid in full for the work completed <br />and materials supplied. <br />(iii) The City Engineer determines that such Public Improvements have been <br />fully completed in accordance with the Plans, specifications and provisions <br />of this Agreement. <br />The amount of reduction shall be equal to that portion of the Financial Security which covers such <br />completed Public Improvements; provided however, in no case shall the remaining amount of the <br />Financial Security be less than the greater of: (i) 25% of the original amount of the Financial <br />Security, or (ii) 125% of the estimated cost to complete the Public Improvements which have not <br />been completed as determined by the City Engineer. <br />4 <br /> <br />