Developer Fees. On or before issuance by the City of a building permit to Developer, Developer shall pay all development fees, administrative costs and provide a landscaping letter of credit in the amount of 150% of the value of the landscaping improvements. Upon completion of the landscaping improvements and approval by the City, the letter of credit shall be reduced to 50% of the initial value and retained for a one- year warranty period. Upon completion of the one-year warranty period the City will reinspect the landscaping improvements, at which time the letter of credit can be released upon final approval by the City.
Appears in 3 contracts
Sources: Development Agreement, Development Agreement, Development Agreement