CCP 06062022 - Laserfiche WebLink

Home

Attachment A 1 1. Reduction of Security. Periodically upon the Developer’s written request, the City 2 Engineer may reduce the amount of the Financial Security for completed Public 3 Improvements provided the following conditions are met: 4 a)The Developer’s engineer certifies that the Public improvements have been 5 constructed to City standards and in accordance with the Plans. 6 b) The Developer provides documentation that its contractors and all their 7 subcontractors and suppliers have been paid in full for the work completed and materials 8 supplied. 9 c)The City Engineer determines that such Public Improvements have been fully 10 completed in accordance with the Plans, specifications and provisions of this Agreement. 11 The amount of reduction shall be equal to that portion of the Financial Security which covers 12 such completed Public Improvements; provided however, in no case shall the remaining 13 amount of the Financial Security be less than the greater of: (i) 25% of the original amount of 14 the Financial Security, or (ii) 125% of the estimated cost to complete the Public Improvements 15 which have not been completed as determined by the City Engineer. 16 17 2. Release of Security. This Agreement shall run with the land and may be recorded against 18 the title to the Property. After the work described in this Agreement has been completed, 19 the Developer may request that the City accept the Public Improvements. This is 20 accomplished through a City Council resolution provided the following conditions are 21 met: 22 a)As-built Survey. The Developer shall provide an as-built survey upon completion of 23 the Public Improvements described in Paragraph C in reproducible and digital 24 (AutoCAD) format. The locations and elevations of sewer and water services shall be 25 accurately shown on the survey. 26 b) Certification. The Developer’s engineer submits a letter certifying that the Public 27 Improvements have been constructed to City standards in accordance with the Plans and 28 requests that the City accept the Public Improvements. 29 c)Payment. The Developer provides documentation that its contractors and their 30 subcontractors and suppliers have been paid in full for the work completed and the 31 materials supplied. 32 d) Determination of Completion. The City Engineer and the City Council have 33 determined that all Public Improvements have been completed in accordance with the 34 Plans, specifications and terms of this Agreement. 35 The date of City acceptance of the Public Improvements shall be the date of the City Council 36 resolution accepting the Public Improvements. 37 In the event that a Letter of Credit is given as the Financial Security,the term of any Letter of 38 Credit provided by the Developer must be at least one year and shall auto-renew or the City 39 shall be provided a 60-day notice. Notwithstanding anything to the contrary contained herein, 40 in the event that: i) some or all of the Public Improvements have not been completed and 41 accepted by the City before the expiration date of the Letter of Credit, ii) the City has been 42 notified that the Letter of Credit is not being extended for another term of at least one year, and Page 6 of 17