Escrow Release and Escrow Increase; Minimum Improvements. The Developer may request that the LOC or cash deposits required by the Development Agreement be reduced at the time of substantial completion of certain elements of the Project. Within thirty (30) days after receipt of any such request, the City shall reduce the LOC or cash deposits to 150% of the value of only the outstanding incomplete improvements, as determined by the City Engineer. If it is determined by the City that the Construction Plans were not strictly adhered to, or that work was done without City inspection, the City may require, as a condition of acceptance, that the Developer post an irrevocable LOC, or cash deposit equal to 125% of the estimated amount necessary to correct the deficiency or to protect against deficiencies arising therefrom. In the event that work, which is concealed, was done without permitting City inspection, then the City may, in the alternative, require the concealed condition to be exposed for inspection purposes.
Appears in 4 contracts
Samples: Contract for Private Redevelopment, Contract for Private Redevelopment, Contract for Private Redevelopment
