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2020_0914_CCPacket
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2020_0914_CCPacket
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1/10/2022 1:29:04 PM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
9/14/2020
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Attachment A <br />1 The amount of reduction shall be equal to that portion of the Financial Security that covers such <br />2 completed Public Improvements; provided however, in no case shall the remaining amount of the <br />3 Financial Security be less than the greater of: (i) 25% of the original amount of the Financial <br />4 Security, or (ii) 125% of the estimated cost to complete the Public Improvements which have not <br />5 been completed as determined by the City Engineer. <br />6 2. Release of Security. This Agreement shall run with the land and may be recorded against the <br />7 title to the Property. After the work described in this Agreement has been completed, the <br />8 Developer may request that the City accept the Public Improvements. This is accomplished <br />9 through a City Council resolution provided the following conditions are met: <br />10 a)As-built Survey. The Developer shall provide an as-built survey upon completion of <br />11 the Public Improvements described in Paragraph C in reproducible and digital (AutoCAD) <br />12 format. The locations and elevations of sewer and water services shall be accurately shown <br />13 on the survey. <br />14 b) Certification. The Developer’s engineer submits a letter certifying that the Public <br />15 Improvements have been constructed to City Standards in accordance with the Plans and <br />16 requests that the City accept the Public Improvements. <br />17 c)Payment. The Developer provides documentation that its contractors and their <br />18 subcontractors and suppliers have been paid in full for the work completed and the <br />19 materials supplied. <br />20 d) Determination of Completion.The City Engineer and the City Council have <br />21 determined that all Public Improvements have been completed in accordance with the <br />22 Plans, specifications and terms of this Agreement. <br />23 The date of City acceptance of the Public Improvements shall be the date of the City Council <br />24 resolution accepting the Public Improvements. <br />25 In the event that a Letter of Credit is given as the Financial Security, the term of any Letter of <br />26 Credit provided by the Developer must be at least one year. Notwithstanding anything to the <br />27 contrary contained herein, in the event that: i) some or all of the Public Improvements have not <br />28 been completed and accepted by the City before the expiration date of the Letter of Credit, ii) the <br />29 City has been notified that the Letter of Credit is not being extended for another term of at least <br />30 one year, and iii) no replacement Letter of Credit satisfactory to the City has been delivered to the <br />31 City, the City shall have the right to draw on the full amount of the Letter of Credit at any time <br />32 prior to the expiration of the Letter of Credit. In the event of such draw on the Letter of Credit, <br />33 the City shall have the right to use the amount drawn to complete any unfinished Public <br />34 Improvements, perform any unperformed obligations of the Developer, pay the costs to draw on <br />35 the Letter of Credit and/or pay any costs to enforce this Agreement. The Letter of Credit shall <br />36 allow Partial Draws and shall provide that a draw can be made on the Letter of Credit at a location <br />37 which is in or within 30 miles of the City of Roseville. <br />38 Ownership of Improvements and Risk of Loss.Upon completion and City acceptance of the Public <br />39 Improvements, all Public Improvements shall become City property without further notice or action. <br />40 The Developer shall be responsible for the risk of loss of all Public Improvements constructed by the <br />41 Developer until ownership thereof passes to the City. Any damage or destruction, in whole or in part, <br />42 to any Public Improvement constructed by the Developer shall be repaired and/or replaced by the <br />43 Developer until ownership of such Public Improvement passes to the City. <br />Page 5 of 15 <br /> <br /> <br />
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