4.5 SR 04-03-2023 - Laserfiche WebLink

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accordance with the appro�=ed construction and storm water management plans. Upon acceptance, all Improvements lying within the public easements or rights of way shall become City property without further notice or action. (10) License. The Developer hereby grants the City, its agents, employees, officers and contractors a license to enter the Subdi�=ision to perform all work and inspections deemed appropriate by the City in conjunction with the Development. (11) Faithful Performance of Construction Contracts. Develo�er will fullv and faithfull�r �erform the installation and construction of the Im�rovements in accordance with the a�oro�ed �lans and soecifications therefore and shall com�lv with all terms of anv and all contracts entered into bv the Develo�er for the installation and construction of all such Im�rovements. at no e��ense to the Cit� (12) Warrant�-. Develo�er herebv warranties the workmanshi� and materials res�ecting such Im�rovements for a�eriod of two (2) `rears following the Citv's final acce�tance of the Im�rovements and agrees to re�air or re�lace. as clirected b`- the City. and at De�=elo�er's sole cost and ex�ense. an� work or materials that become defective. in the sole o�inion of the Cin�. within said two (� `-ear �eriod even though notice thereof be given bv the Cit`r after said two (21 ,-��eriod. Citv Installed Im�rovements. (01) The Subdivision will have no City installed Improvements. 8. Fees and Securitv for Develo�er's Performance. (01) Cin� Administration and Construction Obsenration Fees. Developer shall reimburse the City for all the Citt-'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 securit�-. Construction observation shall include full to part time inspection of all work associated with the Improvements. Based on past e�perience 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 e�perienced in excess of the escrow are the responsibility of the De�Teloper. 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 requi�ed by this agreement, any remaining balance will be returned to the developer within 30 day s. (02) Securin� for Develo�ers Performance. (A) No work shall be commenced under this Agreement, and the Final Plat of the Subdivision will not be released for recording, until the Developer has filed with the City a cash deposit or an irrevocable and unconditional Letter of Credit acceptable to the City, in the amount $1,348,521.14. Said Letter of Credit shall also provide that funds shall be paid to the City