Agenda - Council - 03/28/1983 - Special

Home

I i I I I i I I I I I I I I I - 21 - 170.039G PERFORMANCE CONTRACT Prior to the installation of any required improvements by a subdivider and prior to Council approval of the final plat, the subdivider shall enter into a contract with the City, which contract shall require the subdivider to construct said improvements at the sole expense of the subdivider and in accordance with City approved construction plans and specifications and all applicable City standards and ordinances. Said contract shall provide for the supervision of the construction by the City Engineer and shall require~that the City be reimbursed for all costs incurred by the City for engineering and legal fees and other expenses in connection with the making of such improvements. The performance of said contract shall be financially secured by a cash escrow deposit or performance bond as hereinafter set forth. No performance contract or financial security shall be required for any improvement which is not a requirement for approval of the final plat. The contract shall also provide that the subdivider give a one (1) year warranty and guarantee to the City on all improvements constructed following final acceptance by the City. 170.039H FINANCIAL SECURITY (SUBDIVISIONS WITH NON- CITY PARTICIPATION) The performance contract shall require the subdivider to make a cash escrow deposit or, in lieu thereof, to furnish a performance bond in the following amounts and upon the following conditions. 1. The subdivider shall deposit with the City Treasurer a cash amount or letter of credit equal to one hundred fifty percent (150%) of the total cost of such improvements as estimated by the City Engineer, including the estimated expense of the City for engineering and legal fee~ and other expenses incurred by the City in connection with the making of such improvements. On a monthly basis as the project progresses, the City Engineer shall estimate the amount of work completed and recommend to the City Council the amount of funds to be released to the subdivider. 2. In lieu of a cash escrow deposit, the subdivider may furnish a letter of credit or security acceptable to the City in a penal, sum equal tO one hundred fifty percent (150%) of the total cost of such improvements as estimated by the City Engineer, including the estimated expense of the City for engineering and legal fees and other expenses incurred by the City in connection with the making of such improvements. 3. The making and installing of all the improvements required by-~the terms and conditions set forth by the City within one year; 4. Satisfactory completion of work and payment therefor~ which work was undertaken by the subdivider in accordance with the developer's agreement referred to above; and 5. The payment by the subdivider to the City of all expenses incurred by the City, which expenses shall include but not be limited to expenses