3.6. SR 08-04-2008 - Laserfiche WebLink

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Developer Agreement Renner 4"' Addition Page 8 (08) All required subdivision/park information shall be provided in an electronic format (.dwg file) as required by the City Ordinance and Land Use Application prior to recording of the plat. (09) This approval of the Preliminary Plat shall expire after 1 year, unless the property owner or owners agent has submitted a Final Plat or letter of request for extension. (10) In addition to the easements shown on the preliminary plat, the following easements shall be provided: A. Temporary cul-de-sac B. Utility easements for the shared well 13.) Securityfor Developer's Performance - (01) 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 of Three Hundred Thousand and 00/100 Dollars ($300,00.00),. Said Letter of Credit shall also provide that funds shall be paid to the City upon written demand of the City to the extent of default herein by Developer in the payment of any amount due or the performance of any other duty or obligation of Developer. pursuant to this Agreement, including Developer's obligations to complete Developer Improvements, to complete and maintain erosion control devices, and to make payment of any amounts due hereunder. (02) The security provided in accordance with the above may be released quarterly, on March 31, June 30, September 30 and December 31 of each year. The amount released each quarter will equal the amount of work completed by the Developer during the quarter, except that: (i) the security will not be released to an amount less than the amount of Developer's total indebtedness to the City pursuant to the terms of this Agreement,; and, (ii) the security will not be released below One Hundred Thousand and no 00/100 Dollars ($100,000), until all Improvements pursuant to this Agreement have been completed in full, accepted and all other obligations of Developer under this Agreement have been fulfilled, and to fulfill the requirements of the Wetland Mitigation, if applicable. (03) The Letter of Credit shall contain a provision that states that the Letter of Credit shall be automatically renewable annually unless the issuer of the Letter of Credit first gives the City 30 days written notice by certified mail of its intent not to renew the Letter of Credit. The letter of credit shall also contain a minimum initial period of 1 year. The Letter of Credit shall be a guaranty to the City that the Improvements and all other requirements set forth in this Agreement will be timely completed to the City's satisfaction. The Letter of Credit shall be maintained continuously by the Developer, except as reductions are authorized by the City, until the Improvements are completed to the City's satisfaction, including certification by the City engineer that all items are satisfactorily completed, pursuant. to this Agreement. The Letter of Credit shall have no conditions and shall be subject to being drawn upon by the City upon any default under this Agreement, including failure to pay contractors, subcontractors or costs or expenses owed to the City. If at any C:\Documents and Settings\jmiller\Local Settings\Temporary Internet Files\OLK3E\DEVELOPER AGREEMENT.doc