07-23-2003 Council Agenda - Laserfiche WebLink

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same time and undertaking all needed public improvements to serve both properties. Developers further agree to dedicate their portion of the necessary right -of -way to facilitate the extension and construction of Leeward Way at the time of said future subdivision and /or at the direction of the City and at no cost to the City or the adjoining property owner. Developers also agree that they will pay for their proportionate share of the costs of improvements to serve said future subdivision including the allowance for two (2) additional lots ( #'s 1 & 4 on Exhibit C) that could have been created from the current subdivided property. No further costs for the improvement of Allan Avenue should be attributable to the adjoining property in lieu of Developers not sharing in the proportionate share of costs for Leeward Way for two tots ( #'s 3 & 4 on Exhibit C). Developers acknowledge that they will need to share in the cost of storm water retention ponding regardless of the physical location of said ponding including, but not limited to the value of the land to be used for said pond. g. Developers shall ensure that the homes to be built on Lots 1 and 2 of the Inman Addition Plat are setback a minimum of 30 foot from their east property line to allow for the future extension of Leeward Way. h. Future occupants of the plat shall not be deemed to be third -party beneficiaries of this Agreement. 14. Financial Security. Developers shall furnish City with a Developer's Bond or Letter of Credit in an approved format in an amount equal to one hundred twenty -five percent (125 %) of the contract(s) for all improvements to be constructed pursuant to this agreement to guarantee Developers' completion of all improvements in 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 by the sole discretion of City. It shall remain in full force and effect until completion and acceptance of the project based on the sole determination of City. After the completion of all improvements including the first lift of asphalt on driveway and parking areas, but not including signage, the surety may be reduced to Fifteen Thousand and no /100 dollars ($15,000.00) pending final completion of all improvements. n:Uoelld \Corespondence\Joel 2003 \Inman Development Contract.doe -6-