Laserfiche WebLink
[. <br /> <br />-8- <br /> <br /> ~rlth the ,~hich contract shall the subdivider <br /> con~rsct <br /> City, <br /> to <br /> construct <br /> said improvements at the sole expense of the subdivider and in accordance with <br /> <br /> -- City approved construction plans and specifications and all applicable City <br /> standards and ordinances. Said contract shall provide for the supervision of <br /> · the construction by the City Engineer and shall require that the City be <br /> reimbursed for all costs incurred by the City for engineering and legal fees and <br /> other expenses in connection with the making of such improvements. The <br /> · performance of said contract shall be financially secured by a cash escrow <br /> deposit or performance bond as hereinafter set forth. No performance contract <br /> · or financial security shall be required for any improvement which is not a <br /> requirement for approval of the final plat. The contract shall also provide <br /> that the subdivider give a one (1) year warranty and guarantee to the City on <br /> all improvements constructed following final acceptance by the City. <br /> <br /> 170.039H FINANCIAL SECURITY (SUBDIVISIONS ~rlTH NON- CITY PARTICIPATION) <br /> <br /> The performance contract shall require the subdivider to ~ake a cash escrow <br /> · deposit or, in lieu thereof, to furnish a performance bond in the following <br /> amounts and upon the following conditions. <br /> ~. The subdivider shall deposit with theJ~:y .'l'r. cagurcr a cash amount or <br /> k <br /> <br />~j~ / letter of credit equal to one hundred twenty-five percent (125I) of the <br />~ava // total cost of such improvements as estimated by the City Engineer, <br /> including the estimated expense of the City for engineering and legal <br /> fees and other expenses incurred by the City in connection with the <br /> making of such improvements. On a monthly basis as the project <br /> progresses, the City Engineer shall estimate the amount of work <br /> completed and recommend to the City Council the amount of funds to be <br /> released to the subdivider. <br /> <br />e <br /> <br />In lieu of a cash escrow deposit, the subdivider may furnish a letter <br />of credit or security acceptable to the City in a penal sum equal to <br />one hundred twenty-five percent (125~) of the total cost of such <br />improvements as estimated by the City Engineer, including the estimated <br />expense of the City for engineering and legal fees and other expenses <br />incurred by the City in connection with the making of such <br />improvements. <br /> <br />The making and installing of all the improvements required by the terms <br />and conditions set forth by the City within one year; <br /> <br />Satisfactory completion of work and payment therefor, which work was <br />undertaken by the subdivider in accordance with the developer's <br />agreement referred to above; and <br /> <br />The payment by the subdivider to the City of all expenses incurred by <br />the City, which expenses shall include but not be Limited to expenses <br />for engineering, fiscal, legal, construction and administration. In <br />instances where a cash escrow is submitted in lieu of a letter of <br />credit or performance and indemnity bond, there shall be a cash escrow <br />agreement which shall provide that in the event the required <br />improvements are not completed within one year, all amounts held under <br /> <br /> <br />