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2003-178 Council Resolution
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2003-178 Council Resolution
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7/29/2015 1:47:59 PM
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7/29/2015 11:50:34 AM
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City Council
Council Document Type
Resolutions
Meeting Date
10/13/2003
Council Meeting Type
Regular
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• 2. Reduction of Escrow Guarantee. The Developer shall be entitled to a reduction of <br />the Letter of Credit; or cash deposit based on prepayment or the value of the completed <br />improvements at the time of the requested reduction. The amount of reduction will be <br />reasonably determined by the City Engineer. <br />REIMBURSEMENT OF COSTS <br />The Developer agrees to establish a noninterest bearing escrow account with the City in <br />an amount established by the City Engineer or his designee for the payment of all costs incurred <br />by the City related to the development and improvement of the site, Public Improvements and <br />Developer improvements, including, but not limited to, the following: <br />1. Administration (Planning, Engineering, Legal, etc.) $2,000.00 <br />2. Sanitary Sewer Trunk unit charge (5of units @$984 per SAC unit). $4,920.00 <br />• 3. Water Trunk Area Changes 1.61 acres @ 2,421 per acre $3,897.81 <br />3. Water Trunk unit charge (6 of units @ $1,588 per SAC unit). $9,528.00 <br />4. Water Main Front Foot Charge (280 ft at $23 per Foot) $6,440.00 <br />Total Estimated (Budget) Costs for Escrow Account $26,785.81 <br />If the above escrow amounts are insufficient, the Developer shall make such additional <br />deposits as required by the City. The City shall have a right to reimburse itself from the Escrow. <br />REMEDIES FOR BREACH <br />The City shall give prior notice to the Developer of any default hereunder before <br />proceeding to enforce such financial guarantee or before the City undertakes any work for which <br />the City will be reimbursed through the financial guarantee. If within ten (10) days after such <br />notice to it, the Developer has not notified the City in writing of its intention to cure the default <br />within 10 days thereafter (or such longer period as may be reasonably required to cure the default <br />if such cure cannot reasonably be completed within such 10 -day period), the City may proceed <br />with the remedy it deems appropriate. <br />
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