CCP 06062022 - Laserfiche WebLink

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1 of the estimated cost to construct the Public Improvements. The City shall have the right to draw 2 upon and use the Financial Security in the event that the Developer fails to perform any of its 3 obligations under this Agreement. 4 1.Reduction of Security.Periodically upon the Developer’s written request, the City 5 Engineer may reduce the amount of the Financial Security for completed Public 6 Improvements provided the following conditions are met: 7 a)The Developer’s engineer certifies that the Public improvements have been 8 constructed to City Standards and in accordance with the Plans. 9 b) The Developer provides documentation that its contractors and all their 10 subcontractors and suppliers have been paid in full for the work completed and materials 11 supplied. 12 c)The City Engineer determines that such Public Improvements have been fully 13 completed in accordance with the Plans, specifications and provisions of this Agreement. 14 The amount of reduction shall be equal to that portion of the Financial Security which covers 15 such completed Public Improvements; provided however, in no case shall the remaining 16 amount of the Financial Security be less than the greater of: (i) 25% of the original amount of 17 the Financial Security, or (ii) 125% of the estimated cost to complete the Public Improvements 18 which have not been completed as determined by the City Engineer. 19 20 2. Release of Security. This Agreement shall runwith the land and may be recorded against 21 the title to the Property. After the work described in this Agreement has been completed, 22 the Developer may request that the City accept the Public Improvements. This is 23 accomplished through a City Council resolution provided the following conditions are 24 met: 25 a)As-built Survey. The Developer shall provide an as-built survey upon completion of 26 the Public Improvements described in Paragraph C in reproducible and digital 27 (AutoCAD) format. The locations and elevations of sewer and water services shall be 28 accurately shown on the survey. 29 b) Certification. The Developer’s engineer submits a letter certifying that the Public 30 Improvements have been constructed to City Standards in accordance with the Plans and 31 requests that the City accept the Public Improvements. 32 c)Payment. The Developer provides documentation that its contractors and their 33 subcontractors and suppliers have been paid in full for the work completed and the 34 materials supplied. 35 d) Determination of Completion. TheCity Engineer and the City Council have 36 determined that all Public Improvements have been completed in accordance with the 37 Plans, specifications and terms of this Agreement. 38 The date of City acceptance of the Public Improvements shall be the date of the City Council 39 resolution accepting the Public Improvements. 40 In the event that a Letter of Credit is given as the Financial Security,the term of any Letter of 41 Credit provided by the Developer must be at least one year. Notwithstanding anything to the 42 contrary contained herein, in the event that: i) some or all of the Public Improvements have not Page 4 of 14