Agenda - Council - 09/13/2004 - Laserfiche WebLink

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reasonably determines that the total value of all of Developer's work under Sections 7.2, 7.8, 7.15 and 10.1 is less than $2,400,000, the amount of the Letter of Credit may be reduced to an amount equal to 125% of the Developer's estimate of the total cost of completing .the obligation which the Letter of Credit secures. In addition, Developer may, not more than once per calendar month, ask the City to consent to a reduction in the amount of a Letter of Credit to reflect the Developer's partial completion of the obligation the Letter of Credit secures. To request the City's consent to such a reduction in the amount of a Letter of Credit, the Developer must submit to the City a description of the work the Developer has completed and mechanic's and materialmen's lien waivers showing the Developer's full payment for the completed work. The City's Engineer will inspect the work identified in the Developer's request and report the results of his or her inspection to the City Administrator. The City Administrator will approve the reduction and the outstanding amount of the Letter of Credit when the City Administrator is satisfied, based on the Engineer's report, that the amount of the requested reduction accurately reflects the cost of the work the Developer has completed and paid for. The City ~vill release the Letter of Credit when the Developer has completed the work the Letter of Credit secures and the City has inspected and accepted the work. If the Developer fails to obtain a required extension or renewal of a Letter of Credit at least thirty (30) days prior to the stated expiration date of a Letter of Credit, the Developer is in default in the perfbnnance of its obligation to obtain and provide the City with extensions or renewals of the Letter of Credit and the City may draw on the Letter of Credit without providing the Developer with notice or an opportunity to cure, 35. Exhibit M is hereby added to the Master Development Agreement to read as follows: EXHIBIT M CITY TOWN CENTER DISTRICT PROPERTY [Add Map depicting City Town Center District Property.] 36. Except as herein amended, all other terms and provisions of the Master Development Agreement shall relnain in full force and effect. To the extent any of the terms and provisions of this First Amendlnent conflict with the terms and provisions of the Master Development Agreement, the terms and provisions of this First Amendment shall prevail. 1684445v2 -334- 14