07-27-1994 Council Agenda - Laserfiche WebLink

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City. 10. Completion and Acceptance of the Project by the City. No building permits shall be issued by the City for Tracts B and C until the installation of sanitary sewer, storm sewer, water main, curb and gutter, and the first lift of bituminous surface is complete and paid for. 11. Grading and Drainage. The Developers agree to provide appropriate grading and drainage for Tracts A, B, and C so as not to create any negative impacts upon neighboring residential properties in the area. Prior to obtaining building permits, the Developers will submit proposed housing pad elevations to the City's Building Official in order that drainage can be evaluated. The Developers agree to make any changes in said elevation or in the grading of the property to ensure compliance with this provision as requested by the City. 12. Letter of Credit. The Developers shall furnish the City with an Irrevocable Letter of Credit in the amount of Twenty -five Thousand and No /100 Dollars ($25,000.00) prior to the commencement of the construction to guarantee payment for the completion of the public improvements. Said Letter of Credit shall be immediately available for the City's use in compensating the contractors constructing the project in the event the Developers do not make payments for costs incurred in a timely and satisfactory manner, as determined by the sole discretion of the City. The Letter of Credit shall be effective through August 31, 1995. It may be reduced by the amount of the payment to Frattalone Excavating, Inc. for work and materials through substantial completion, which is defined as installation of sanitary sewer, storm sewer, water main, curb and gutter, and the first lift of bituminous surface, provided that the remainder of the Letter of Credit is sufficient to meet expected future obligations. 13. Park Dedication Fees. The Developers shall pay park dedication fees pursuant to the City ordinance which will be payable at the time of -4- Page 155