4.4 SR 03-01-2021 - Laserfiche WebLink

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(10)License. The Developer hereby grants the City, its agents, employees, officers and contractors a license to enter the Subdivision to perform all work and inspections deemed appropriate by the City in conjunction with the Development. (11)Faithful Performance of Construction Contracts. Developer will fully and faithfully perform the installation and construction of the Improvements in accordance with the approved plans and specifications therefore and shall comply with all terms of any and all contracts entered into by the Developer for the installation and construction of all such Improvements, at no expense to the City. (12)Warranty. Developer hereby warranties the workmanship and materials respecting such Improvements for a period of two (2) years following the City’s final acceptance of the Improvements and agrees to repair or replace, as directed by the City, and at Developer’s sole cost and expense, any work or materials that become defective, in the sole opinion of the City, within said two (2) year period even though notice thereof be given by the City after said two (2) year period. 7.City Installed Improvements. (01) The Subdivision will have no City installed Improvements. (02) Outlot A, MISKE MEADOWS SIXTH ADDITION, includes $105,519.66 in deferred assessments which had previously been assessed to the River Park Subdivision. The assessments accrue interest, and the outstanding balance is updated on December 1 of each year. The current addition plats approximately 43.54% of the 55.79-acre parcel, and the deferred assessments payable at this time are Forty Five Thousand, Nine Hundred Forty Three and 26/100 dollars ($45,943.26). 8.Fees and Security for Developer’s Performance. (01)City Administration and Construction Observation Fees. Developer shall reimburse the City for all the City’s costs and expenses incurred in the processing of the Subdivision and installation of improvements, including review of plans and construction observation and in regard to any action or event of default by Developer, resulting in any suit or proceeding at law or in equity to which the City shall become a party in reference to the Developer’s interest in the Development. Reimbursement shall be due and payable to the City within thirty (30) days following the receipt of a statement therefore. The Developer shall post a cash escrow in the amount of five percent (5%) of the estimated costs of the Improvements. This escrow will be drawn from as the project progresses to cover the City’s ongoing costs and expenses relating to administration and construction observation of the Improvements. City administration will include, but is not limited to, supervision of construction observation, consultation with Developer and its engineer on status or problems regarding the project, coordination for final inspection and acceptance, project monitoring during the warranty period, and processing of requests for reduction in security. Construction observation shall include full to part time inspection of all work associated with the Improvements. Based on past experience it is estimated that an escrow of five percent (5%) shall be sufficient to cover the City related expenses associated with the work. Delays, change in work scope, contractor performance, etc. can all contribute to this amount not being sufficient. All City costs experienced in excess of the escrow are the responsibility of the Developer. These costs will be billed directly to the Developer and become due per the terms stated in Section 10. Upon acceptance of all completed improvements, as required by this agreement, any remaining balance will be returned to the developer within 30 days. 5