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[DRAFT] <br /> <br />Ptans and the monitorin~ and final inspection of the DeveloPer's pro~ress._performance, <br />construction and installation of the Developer- Public Improvements. Developer must also <br /> <br />reimburse the Cit~, for the Cit~,'s staff time. The Developer must reimburse the City for <br /> <br />out-of-pocket costs the Citx pays and must reimburse the City for City staff within I 0 <br />business days of the Cit~,'s delivery of a notice to the Developer settin~ forth the amonnt of <br />the City's out-of-pocket costs or staff time expenses through the date of the notice. As <br />provided in Section 1.1, the Memorandmn of Understanding is terminated. The Developer <br />a~ees to pay ,,,) ...... bone fide invoices rendered under the terms of the Memorandum of <br /> ...... khe Developer executes this <br />Understanding for wdrk performed prior to the date ~ .... <br />&greement within -I-510 business days after th_~e submission of such invoices to the Developer <br />for review.. In addition, the DevelopeLka~rees to pa}, the Cin' $250,000 in cash or wire <br />transferred funds payable in two installments of $125,000 on January 1. 2004 and January <br /> <br />1, 2005. The payments are intended to assist the City in recruiting and retainin~ new City <br />employee positions of Associate Planner. Buiidin~ Inspector, Engineerin~ Technician and <br />Executive Human Resources-Assistant, but the City may use the funds for any purpose. <br /> <br />The Developer agrees to keep in force thc $50.000 Letter of Credit that the Developer has <br /> <br />already delivered to the City to secure the Developer's performance Of its obligations under <br />this Section 12.3. <br /> <br /> 12.4 LETTERS OF CREDIT AND ALTEtLNAT1VE SECURITY. <br />.......................................... , ~,e Various provisions of this Master . reement <br />require the Developer ....... upon rcquc3: ' thc ~:*~' ' <br /> <br />.................... ) a~;'ccs toto deliver letters of credit to the CiB, to secure the Developer's <br />performance of various obligations. The CiB, Council mav, in its sole and absolute <br />discretion, consider acceptin~the, following alternative security a~angements (or combinations <br />thereof) in lien of requiring a le~er of credit: <br /> <br />(al <br /> <br />Cash escrow accounts with bona fide title insurance compari/es as to which the <br />City is a third party beneficiary. <br /> <br />(b) Letters of credit. <br /> <br />(c) Performance bonds. <br /> <br />(d) Insurance policies insuring performance. <br /> <br />Evidence of construction financing sufficient to fund the improvements in <br />question, with delivery to the City of copies of consU-uction draws, lien waivers or <br />other satisfactory evidence of payment of invoices as construction proceeds. <br /> <br />Evidence of lines of credit sufficient to fund the improvements in question, <br />updated regularly. <br /> <br />(gl Other' mTangements satisfactory to the CID'. <br /> <br />1555730.red <br />V8 tp V6; <br />8/29/03 <br /> <br />34 <br /> <br /> <br />