08-13-2003 Council Agenda - Laserfiche WebLink

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Drywall Supply Addition Development Contract Finance 11. As financial security, Developer shall furn ish City with a Developer's Bond or Letter of Credit in an approved founat in an amount equal to Seventy-five thousand dollars ($75,000) to guarantee Developer's completion of all of the Required Improvements to occur on Lot 3, Block 1 and compliance with this Agreement. Said surety shall be immediately available for City's use to complete part or all of the construction in a timely and satisfactory manner, as determined in the sole discretion of City. Said surety shall remain in full force and effect until completion and acceptance of the Required Improvements based on the sole determination of City. 12. The Developer agrees that the terms of the financial security shall be deemed to have been violated if the Developer fails to perform any of the terms of this Contract in the manner required by the City. Determination of a violation of the terms of the Contract shall be in the sole discretion of the City. The financial security shall be immediately available for use by the City to complete part or all of the Required Improvements in the event this agreement is breached or the Required Improvements are not completed in an acceptable or timely manner, as determined in the sole discretion of the City. The City shall have the right to enter upon the property to inspect work or complete all or a portion of the Required Improvements as necessary. In the event the City does any such work, the City may, in addition to its other remedies, assess its costs in whole or in part. 13. WAC and SAC charges will become due with each building permit. 14. Park dedication fees will be payable at the time the building permit application for Lot 2, Block 1. No other park dedication fees shall be payable for Lots 1 and 3. 15. The Developer shall deposit with the City Five thousand dollars ($5,000) from which any and all costs and expenses incurred by the City, in any way related to this Contract, including, but not limited to, planning and engineering fees, legal fees, City staff time, cost of _4_ .4-