Laserfiche WebLink
<br /> ~oft <br /> -2- <br /> 3.5 SMCISD agrees to obtain the written consent of the property <br /> owners involved in the plat of the Property to the reconstruction <br /> of stagecoach Road in advance of the dedication of the road by the <br /> filing of the plat. <br /> 3.6 SMCISD agrees to insure that stagecoach Road, or an all- <br /> weather road adjacent to stagecoach Road, will remain open <br /> throughout the construction of the School and the Improvements, and <br /> will be maintained and repaired if damaged by construction vehicles <br /> and traffic. <br /> 3.7 SMCISD agrees to provide security for its completion of the <br /> Improvements in the amount of $750,000 in one of the following <br /> ways: <br /> 3.7.1 Cash deposit in an escrow account at a local bank. <br /> 3.7.2 Irrevocable letter of credit issued by a Texas bank. <br /> The terms of the escrow or letter of credit will be subject to <br /> approval by the city Attorney. The escrow account or letter of <br /> credit shall be subject to draft by the city with the mutual <br /> consent of SMCISD in the estimated amount of comp¡etion costs if <br /> the Improvements are not fully completed by the time the School is <br /> ready for occupancy. <br /> The amount of the security may be reduced by SMCISD to 125% of the <br /> detailed engineering estimates of the cost of the Improvements upon <br /> approval of such estimates by the City. The amount of the security <br /> may also be reduced by SMCISD in the amount of its contractor's <br /> invoices times 125% for work on the Improvements which has been <br /> verified by inspection by the city for percentage of the total work <br /> completed. The City will release any unused portion of the <br /> security upon its acceptance of the ,Improvements. <br /> SECTION 4. CITY OBLIGATIONS. <br /> 4.1 The city agrees to issue, after appropriate review, building <br /> permits for the construction of the School in advance of the <br /> recording of the final plat of the subdivision of the Property. <br /> 4.2 The city agrees to provide reasonable expediting of all of its <br /> review and inspection processes related to construction for the <br /> School, the platting of the Property, and the construction of the <br /> Improvements. <br /> SECTION 5. MISCELLANEOUS. <br /> 5.1 Except as expressly provided herein, this agreement does not <br /> supersede the application of any City ordinances relating to the <br /> ì <br />