IA_10.12.2018 - Laserfiche WebLink

Browse Search

12.4.3. Identify any true -up amount to be paid by City to Developer, or Developer to City, in light of the actual amount of Eligible FF Work Costs. 125 City shall not unreasonably withhold or delay its approval of the post - completion accounting report. If the post - completion accounting report, as approved by City, demonstrates that the Actual FF Credit, as calculated based on the actual Eligible FF Work Costs (or percentage of Eligible FF Work Costs, if applicable), exceeded the Provisional FF Credit, City shall make a true up payment of the difference to Developer within 30 days of City's approval of the report. If the post - completion accounting report demonstrates that the Provisional FF Credit exceeded the Actual FF Credit, then Developer shall make a true -up payment of the difference to City within 30 days of Developer receiving written notice of City's approval of the report. 12.6 Notwithstanding an provision of this Agreement or Applicable Law to the contrary, the Actual FF Credit available to Developer in connection with the Project shall not exceed the lesser of (a) the Eligible FF Work Costs paid by Developer and (b) Seventy-Six Thousand Eight Hundred Forty-One and No /100 ($76,841.00). 13. Final Acceptance. 131 Notice of Completion. Within thirty (30) days of receipt of Developer's written notification pursuant to Section 1 I above, the City Engineer shall inspect the Work and repairs and review the written acceptances, if any, and send Developer a written notice stating whether the Work and repairs are complete to the satisfaction of the City Engineer, in his reasonable discretion, and whether the written acceptances have been provided. If the Work and repairs are, in the opinion of the City Engineer, not complete and satisfactory, and/or written acceptances have not been provided, the City Engineer will list the deficiencies that must be corrected to find the Work and repairs complete and satisfactory. Upon satisfactory completion of the Work and repairs and submittal of written acceptances, the City Engineer will send Developer a written notice of satisfactory completion. The requirement for written acceptances may be waived by the City Engineer, in his reasonable discretion, if Developer has made commercially reasonable efforts to obtain such acceptances. The City Engineer's failure to respond to Developer's written notification within thirty (30) days will not be deemed a breach or default under this Agreement. 132 Acceptance of Improvements. After sending Developer a written notice of satisfactory completion pursuant to Section 13.1, the City Engineer will recommend acceptance of the Improvements to the City Council. The acceptance of the Improvements, offers of dedication and right -of way, and easements, if any, shall be by resolution of the City Council, with the matter placed on the next available agenda for City Council action. Upon City Council's adoption of such resolution, the City Engineer shall promptly record a notice, in a form to be approved by the City Attorney, in the Official Records of San Mateo County. 14. Performance, Labor and Materials and Warranty Security. 141 In accordance with Chapter 29 of the Redwood City Code, Developer will furnish and deliver to City, within the rimes set forth below, the following security, each of which must be issued by a surety company duly and regularly authorized to do general surety business in the State of California, or such other surety as may be acceptable to the City Engineer. (a) Performance Security. Developer shall famish and deliver performance security in the amount of Three Million Eight Hundred Two Thousand Six Hundred Ninety-Four and No/ 100 Dollars ($3,802,694.00), concurrently with the execution of this REV: 08 -29 -18 PR Page 6 of 24 ATTY /AGR.2018.202 /Kaiser MOB2 - IA