RES 78168 - Laserfiche WebLink

1 2 3 4 6 I 8 9 10 11 12 13 14 16 11 18 19 20 21 22 23 24 25 26 28 IT IS MUTUALLY UNDERSTOOD AND AGREED by the parties hereto as follows: 1. CITY shall prepare plans and specifications for street improvements to West Angela Street, call for competitive bids for the construction thereof, and award and administer a contract for said constructionl 2. OWNER shall'deposit ~ith CITY the estimated construction costs of the grading, curb, gutte~, sidewalk, paving, tree wells, and street trees for the easterly forty-three lineal feet of the unimproved portion of the north side of West Angela Street adjacent to Parcel 1, plus anadditional ten percent (10%) of said amount for engineering costs. Said deposit shall be paid to CITY within thirty (30) days of written notice to OWNER following the calling for bids. 3. Final amount to be paid by O~ER shall be determined by actual quantities and unit prices paid by CITY for OWNER'S portion Of street improvements plus an additional ten percent (10%) for engineering costs. In the event the deposit based on the estimated construction costs is greater than the actual costs, CITY shall, within 45 days after acceptance of the street improvements, refund to OWNER the difference between estimated and actual costs. 4. Should legal action be necessary 'to enforce the provisions hereof, the party in whose favor judgment is granted shall be entitled to reasonable attorney's fees in conjunction therewith. 5. This agreement shall be a covenant which is to run with the land and be binding upon the heirs, successors and -2-