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'�• 3FS <br /> (a) Before the commencement of any work of improvements on the <br /> Improvement specified in the Agreement, Owner shall furnish to City and file with <br /> the City Clerk, a bond or deposit securing the faithful performance of said Owner <br /> of all work and construction of all improvements designated or mentioned in said <br /> Agreement, within the time therein specified, in the amount of Five Hundred <br /> Thousand and No/100 Dollars ($500,000.00); and Owner shall also furnish to <br /> City and file with the City Clerk, a bond or deposit securing the payment by <br /> Owner of all bills for labor and materials incurred in the construction of any and <br /> all said improvements, and the doing of all other work therein agreed to be done <br /> by Owner, in the amount of Five Hundred Thousand and No/100 Dollars <br /> ($500,000.00). Owner shall have prepared and delivered to City complete "as <br /> built" plans for said improvements prior to the release of said bond or deposit. <br /> (b) Owner shall deposit Forty Thousand and No/100 Dollars ($40,000.00) <br /> for plan checking, engineering, inspection, laboratory and field testing, water <br /> supply, and all other applicable fees and charges. Any part of the deposit not <br /> utilized by City for payment of its services shall be returned to Owner. Owner <br /> understands and agrees that the amount of said deposit is an estimate and <br /> agrees to pay any additional amount for the aforesaid services provided by City <br /> within ten (10) days after billing by the City Collector. <br /> (c) Owner shall deposit Thirty-five Thousand and No/100 Dollars <br /> ($35,000.00) for design and construction of the right-turn lane on Redwood <br /> Shores Parkway. Final design and construction costs will be determined upon <br /> completion of construction. <br /> F:�shared�Redwood�Council\ 2 <br /> Reso-954 <br /> FXS:ep <br /> 07/27/00, OS/02/OOR <br /> _ ...._... . <br />