2012-011 Council Resolution - Laserfiche WebLink

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• • 1. The current balance of the cash escrows are as follows: Pine Glen Phase I Pine Glen 211d Addn. Total Trees $13,309.00 $11,531.00 $24,840.00 Remainder $63,048.60 $22,068.43 $85,117.03 Totals $76,357.60 $33,599.43 $109,957.03 Tree escrows cannot be used for any other purpose and therefore will not be modified by this Amendment. 2. The City shall retain a total of $20,000 in escrow for the two Contracts to cover remaining City costs, leaving $65,117.03 available for use under this Amendment ($85,117.03 — 20,000 = 65,117.03). Of that amount, $48,234.03 shall be made available from the Pine Glen Phase I account, and $16,883.00 shall be made available from the Pine Glen 2nd Addition account. 3. The final Developer Improvements that remain to be completed are, generally, paving the final wear course and related street improvements, the estimated cost of which is $118,000.00. This Amendment does not alter the nature of the Improvements required under the existing Developer Contracts. 4. The Developer shall escrow a total of $121,617.03 to cover the remaining Developer Improvements. In order to satisfy this total obligation, Developer shall deposit an additional $56,500 into its escrow accounts with the City prior to commencement of the final Developer Improvements ($65,117.03 + 56,500 = 121,617.03). The deposit shall be split between the two escrow accounts in proportion to the amount of work remaining to be completed in each development. 5. Notwithstanding Sections II.A.15 and V of the 2006 Contract, and II.A.10 and V of the 2007 Contract, the Developer and the City agree that, with the exception of the $20,000 reserved to the City for City costs, the escrow accounts may be utilized for the payment of direct costs incurred by Developer to complete the remaining Developer Improvements. Direct costs include only those costs invoiced by the contractor(s) retained to complete the Developer Improvements and does not include any administrative or personnel costs incurred by Developer ( "indirect costs "). All indirect costs shall be the sole responsibility of the Developer. 6. The City's continuing right to reimburse itself for costs incurred by the City pursuant to Sections V of the 2006 Contract and 2007 Contract, takes priority over payments for the Developer Improvements. In the event the escrow accounts are not sufficient to cover both the City's costs and the direct costs of the remaining Developer Improvements, the Developer shall deposit additional funds as needed