05-08-1996 Council Agenda - Laserfiche WebLink

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respectively. Failure to do so will result in the City undertaking this work with costs subject to reimbursement by the Developer pursuant to Paragraph #11. g. Future occupants of the plat shall not be deemed to be third -party beneficiaries of this Agreement. 15. Letter of Credit. The Developer shall furnish the City with an Irrevocable Letter of Credit from an approved lending institution in the amount of Fifty Thousand and No /100 Dollars ($50,000.00) prior to the commencement of construction of improvements to guarantee their completion. Said Letter of Credit shall be immediately available for the City's use to complete part or all of the construction in a timely and satisfactory manner, as determined by the sole discretion of the City. It may be reduced to Thirty Thousand and No /100 Dollars ($30,000.00) upon completion of all work except landscaping and approval of same by City. The Letter of Credit shall be released in its entirety once all grading and landscaping is complete pursuant to approved plans and receipt of a twenty -four (24) month warranty bond on plant materials. 16. Northern States Power Approval. Developer shall provide evidence of approval from Northern States Power (NSP) for any structures proposed to be located within their utility easement. 17. Warranty. The Developer warrants all work required to be performed against poor material and faulty workmanship for a period of one (1) year after its completion and approval by the City. All landscaping including, but not limited to, trees, shrubs, grass seed and sod, shall be warranted to be alive, of good quality and disease free for twenty -four (24) months from the time of planting. Any replacements shall be warranted to be alive, of good quality and disease free for twenty -four (24) months from the time of planting. The Developer shall post maintenance bonds or other security acceptable to the City to secure the warranties. -6- Page 19