DCPZP-2015-00854 - Laserfiche WebLink

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1NOFFICIAL COPY 2. Streets and Storm Water Management: The Subdivider shall install ditches and storm water management facilities, and pavement on all streets within the Subdivision, to the established standards and/or specifications of the Town, and in accordance with the plans approved by the Town Engineer. Curb and gutter shall be installed. Public sidewalks shall not be required to be constructed within the Subdivision. 3. General Standards: Where standards and/or specifications have not been established by the Town, all work shall be done in accordance with established engineering practices,as designated and approved by the Town Engineer. 4. Future Public Facilities: Except as required by the Plans and Specifications, Subdivider shall not be required to install any public streets,public utilities or other facilities beyond those needed to serve the Subdivision, or needed to connect the Subdivision to existing utilities. K. Fees Payable Prior to Construction. The Subdivider agrees to pay the Town for all outstanding fees and assessments levied against lands within the Subdivision prior to the start of construction of the Improvements. L. Subdivider to Reimburse the Town for Costs Sustained. The Subdivider shall reimburse the Town for its actual cost of review, design, inspection, testing, construction, and associated legal and other fees related to this Agreement, the Subdivision and the Improvements as required by the Subdivision Ordinance. M. Surety 1. The Subdivider agrees to furnish the Town, prior to the time of commencement of construction of any public improvements under this Agreement, with surety in the form of an irrevocable letter of credit, in a form deemed acceptable by the Town Attorney, in the amount of$732,510, to secure performance of this Agreement in accordance with the Town's Subdivision Ordinance. The letter of credit shall be payable at sight to the Town and will bear an expiration date not earlier than twelve(12)months after the date of delivery to the Town. The Letter of Credit shall include a provision requiring that the Town be given written notice not less than forty-five (45) days and not more than sixty (60) days prior to the expiration of the letter. Subdivider shall provide a new letter of credit satisfactory to the Town not less than ten (10) days prior to the expiration of any earlier letter of credit sufficient to cover the balance of any work to be performed by Subdivider hereunder and any sum required to secure the guarantee specified in this Agreement. The letters of credit will be payable to the Town at any time upon presentation of (i) a sight draft on the issuing Bank in the amount to which the Town is entitled to draw pursuant to the terms of this Agreement; (ii)an affidavit executed by an authorized Town official stating that the Subdivider is in default under this Agreement; and(iii)the original of the letter of credit. 5