Agenda - Council - 11/12/2013 - Laserfiche WebLink

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escrow the funds with a title insurance company, the City must be a party to the escrow agreement Any escrow agreement established pursuant to this Section 9 7 shall provide for a refund of the escrowed funds, as directed by the City and the Developer jointly, if the City and the Developer agree on an alternative method for providing the financing for the construction of the Phase I Parking Ramp If the City has not commenced construction of the Phase I Parking Ramp to be financed pursuant to Section 9 5 on or before the date 12 years after the date of this Master Agreement, the escrowed funds, with interest, shall be refunded as provided for in the escrow agreement, and the Developer shall have no further obligations under Sections 9 5, 9 6 or 97 ARTICLE 10 DEVELOPER PUBLIC IMPROVEMENTS 10 1 DEVELOPER PUBLIC IMPROVEMENTS — MASS GRADING AND STORM WATER MANAGEMENT The Developer must mass grade the Subject Property and construct a storm water management system to serve the Subject Property in accordance with the Master Grading Plan and the Storm Sewer Phasing Plan Exhibit Subject to Force Majeure, the Developer must commence and complete each phase of the mass grading and each phase of the construction of the storm water management system on or before the commencement and completion dates established foi such work in the Grading Plan and the Storm Sewer Phasing Plan Exhibit The Developer may not commence the first phase of the mass grading and storm water management system construction or any subsequent phase of the storm water management system construction until (a) (b) (c) the Developer has delivered to the City a letter of credit in an amount equal to 125% of the City Engineer's reasonable estimate of the cost of the work to be performed as a part of that phase (the letter of credit the Developer delivers prior to the commencement of construction of the first phase must be in an amount equal to 125 % of the City Engineei's reasonable estimate of the full cost of the mass grading foi the Subject Property and 125% of the City Engineer's reasonable estimate of the cost of the storm water management system construction which is a part of the first phase), the Developer has paid to the City the inspection fees established under the Zoning Ordinance with respect to the work to be performed as a part of that phase, and the Developer has provided the City with evidence that the Developer has obtained all approvals required from the Lower Rum River Water Management Oi ganization for the work to be performed as a part of that phase ARTICLE I1 DEVELOPER PUBLIC IMPROVEMENTS — LANDSCAPING, PARKLAND IMPROVEMENT, PEDESTRIAN IMPROVEMENTS 11 1 LANDSCAPING ASSOCIATED WITH CITY PHASE 'ROADWAY IMPROVEMENTS Subject to Force Majeure, the Developer must commence the installation of 1555730v13 29