Agenda Packets - 2006/04/24 - Laserfiche WebLink

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7 B. The City will construct and install at the Developer's expense the following Plan B Improvements: 1. Sanitary Sewer 2. Water Main 3. Services 4. Storm Sewer 5. Street Improvements 2.03. Time for Developer's Performance: General Provision. The Developer agrees that it will commence work on the Improvements no later than 30 days after the date of building permit issuance and shall complete the Improvements no later than twelve (12) months after the date of permit issuance. In the event of a “phased” construction schedule, each phase shall be subject to its own timeline based upon the date of issuance of the building permit. The City may at its discretion extend the timeline specified in this Section 2.03 upon receipt of written notice from the Developer of the existence of causes which will delay the completion of the Improvements if such causes are ones over which the Developer has no control and which could not have been reasonably foreseen by the Developer. If an extension of the date of completion of the Improvements is granted by the City, the Developer must continue the performance bond required by this Agreement to cover the work during the extension of time. 2.04. Additional Work or Materials. Construction of the improvements shall be done by the Developer. The Improvements shall be constructed at no expense to the City. The Developer shall not do any work or furnish any materials for which reimbursement is expected from the City, unless such work is first ordered and reimbursement is approved by the City. Any work or materials which is done or furnished by the Developer without prior written order is furnished at the Developer’s risk, cost and expense, and the Developer agrees that it will make no claim for compensation for work or materials so done or furnished. 2.05. Financial Guarantee. Prior to commencement of construction of the Improvements, the Developer agrees to furnish the City a performance bond, certified check, certificate of deposit, irrevocable letter of credit or cash escrow in the amount of 150% of the City’s estimated costs for the public Improvements (the “Financial Guarantee”) as determined by the Public Works Director. The City’s estimated cost for public improvements are $16,666.00, which equals a financial guarantee of $25,000. Upon failure of Developer to perform, the City may declare the Developer to be in default under this Agreement and, upon failure of the Developer to cure the default within 30 days of written notice, may demand the Financial Guarantee be paid over to the City. From the proceeds of the Financial Guarantee, the City shall be reimbursed for any attorneys’ fees, engineering fees or other technical, administrative or professional assistance, and the remainder thereof shall be used by the City to complete the Improvements. The Developer shall be liable to the City in the event that the Financial Guarantee is inadequate to reimburse the City for its costs and pay for the completion of the Improvements.