Performance Bond Agreement. Prior to the commencement of construction of public improvements, Subdivider shall request a preconstruction meeting. Forty-Eight (48) hours prior to the preconstruction meeting, the Subdivider shall provide a financial guarantee of performance to the Finance Director of the City of Avon in the form of a Performance Bond, a copy of which is attached hereto as Exhibit A-1, or a bond with substantially the same effect, in the amount of Five Hundred Sixteen Thousand Eight Hundred Seven and 50/100 ($516,807.50) Dollars which is One Hundred Ten (110%) percent of the total Engineer's estimate of costs. In lieu of a bond, (a) a letter of credit, drawn on a federally insured financial institution, payable to the City, (b) cash, (c) certificates of deposit conditionally assigned to the City made by a federally insured financial institution or (d) a combination of these items, in that total amount, may be delivered to the City. No construction of public improvements shall commence until said financial guarantee of performance has been provided to, and approved by, the Finance Director. This financial guarantee shall be released to Subdivider upon completion of all public improvements to be accepted by the City for this phase of the Development to the satisfaction of the City Engineer and upon passage of an ordinance by Council accepting the public improvements.
Performance Bond Agreement. Subdivider shall provide a financial guarantee of performance to the Finance Director of the City of Avon in the form of a Performance Bond or Letter of Credit, a copy of which is attached hereto as Exhibit A-1, in the amount of Four Hundred Two Thousand Five Hundred Sixty Six and 00/100 ($402,566.00) Dollars which is One Hundred Ten (110%) percent of the total Engineer's estimate of costs. No construction of improvements shall commence until said financial guarantee of performance has been provided to the Finance Director. This financial guarantee shall be released to Subdivider upon completion of all improvements to be accepted by the City for this phase of the Development to the satisfaction of the City Engineer and upon passage of ordinance by Council accepting the improvements.
Performance Bond Agreement. Prior to the commencement of construction of public improvements, Subdivider shall provide a financial guarantee of performance to the Finance Director of the City of Avon in the form of a Performance Bond, a copy of which is attached hereto as Exhibit A-1, or a bond with substantially the same effect, in the amount of Six Hundred Sixty-Nine Thousand Seven Hundred Eighty-Six and 00/100 ($669,786.00) Dollars which is One Hundred Ten (110%) percent of the total Engineer's estimate of costs. In lieu of a bond, (a) a letter of credit, drawn on a federally insured financial institution, payable to the City, (b) cash, (c) certificates of deposit conditionally assigned to the City made by a federally insured financial institution or (d) a combination of these items, in that total amount, may be delivered to the City. No construction of public improvements shall commence until said financial guarantee of performance has been provided to, and approved by, the Finance Director. This financial guarantee shall be released to Subdivider upon completion of all public improvements to be accepted by the City for this phase of the Development to the satisfaction of the City Engineer and upon passage of an ordinance by Council accepting the public improvements.
Performance Bond Agreement. Prior to commencement of construction of Public Improvements to be accepted by the City, the Developer shall provide a financial guarantee of performance to the Finance Director of the City in the form of a Performance Bond Agreement, a copy of which is attached hereto as Developer’s Exhibit "A-1", in the amount of Nine Hundred Fifteen Thousand Four Hundred Sixty Nine and 00/100 ($915,469.00) Dollars, which is One Hundred Ten (110%) percent of the total of Developer's Engineer's estimate of construction costs, as approved by the City Engineer. In lieu of a bond, Developer may provide (a) a letter of credit, drawn on a federally insured financial institution, which names the City as beneficiary, (b) cash, (c) certificates of deposit conditionally assigned to the City made by a federally insured financial institution (d) a combination of these items, in that total amount, or (e) such other security as is acceptable to the City. This financial guarantee shall be released to Developer upon completion of all Public Improvements to be accepted by the City for the Development to the satisfaction of the City Engineer and upon passage of ordinance by Council accepting the Public Improvements.
Performance Bond Agreement. Prior to the commencement of construction of public improvements, Subdivider shall request a preconstruction meeting. Forty-Eight (48) hours prior to the preconstruction meeting, the Subdivider shall provide a financial guarantee of performance to the Finance Director of the City of Avon in the form of a Performance Bond, a copy of which is attached hereto as Exhibit A-1, or a bond with substantially the same effect, in the amount of One Million Five Hundred Eighty Four Thousand Eight Hundred Twenty Six and 00/100 ($1,584,826.00) Dollars which is One Hundred Ten (110%) percent of the total Engineer's estimate of costs. In lieu of a bond, (a) a letter of credit, drawn on a federally insured financial institution, payable to the City, (b) cash, (c) certificates of deposit conditionally assigned to the City made by a federally insured financial institution or (d) a combination of these items, in that total amount, may be delivered to the City. No construction of public improvements shall commence until said financial guarantee of performance has been provided to, and approved by, the Finance Director. This financial guarantee shall be released to Subdivider upon completion of all public improvements to be accepted by the City for this phase of the Development to the satisfaction of the City Engineer and upon passage of an ordinance by Council accepting the public improvements.
Performance Bond Agreement. Prior to commencement of construction of Public Improvements to be accepted by the City, Developer shall provide a financial guarantee of performance to the Finance Director of the City of Avon in the form of a Performance Bond, or a bond with substantially the same effect, a copy of which is attached hereto as Exhibit “A”, in the amount of Three Hundred Fifty Nine Thousand Nine Hundred Sixty Eight and 00/100 ($359,968.00) Dollars which is One Hundred Ten (110%) percent of the total Engineer's estimate of costs. In lieu of a bond, (a) a letter of credit, drawn on a federally insured financial institution, payable to the City, (b) cash, (c) certificates of deposit conditionally assigned to the City made by a federally insured financial institution (d) a combination of these items, in that total amount, may be delivered to the City, or
Performance Bond Agreement. After Council approves an ordinance authorizing this Subdivider’s Agreement but prior to the commencement of construction of public improvements, Subdivider shall request a preconstruction meeting. Forty-Eight (48) hours prior to the preconstruction meeting, the Subdivider shall provide a financial guarantee of performance to the Finance Director of the City of Avon in the form of a Performance Bond, a copy of which is attached hereto as Exhibit A-1, or a bond with substantially the same effect, in the amount of Eight Hundred Sixty Four Thousand Three Hundred Fifty Nine and 00/100 ($864,359.00) Dollars which is One Hundred Ten (110%) percent of the total Engineer's estimate of costs. In lieu of a bond, (a) a letter of credit, drawn on a federally insured financial institution, payable to the City, (b) cash, (c) certificates of deposit conditionally assigned to the City made by a federally insured financial institution or (d) a combination of these items, in that total amount, may be delivered to the City. No construction of public improvements shall commence until said financial guarantee of performance has been provided to, and approved by, the Finance Director. This financial guarantee shall be released to Subdivider upon completion of all public improvements to be accepted by the City for this phase of the Development to the satisfaction of the City Engineer and upon passage of an ordinance by Council accepting the public improvements.
Performance Bond Agreement. Prior to commencement of construction of Public Improvements to be accepted by the City, Developer shall provide a financial guarantee of performance to the Finance Director of the City in the form of a Performance Bond Agreement, a copy of which is attached hereto as Exhibit "A'', in the amount of One Hundred Eighty Four Thousand Five Hundred Fourteen and 00/100 ($184,514.00) Dollars, which is One Hundred Ten (110%) percent of the total of Developer's Engineer's estimate of construction costs, as approved by the City Engineer. In lieu of a bond, Developer may provide (a) a letter of credit, drawn on a federally insured financial institution, which names the City as beneficiary, (b) cash, (c) certificates of deposit conditionally assigned to the City made by a federally insured financial institution (d) a combination of these items, in that total amount, or (e) such other security as is acceptable to the City. This financial guarantee shall be released to Developer upon completion of all Public Improvements to be accepted by the City for the Development to the satisfaction of the City Engineer and upon passage of ordinance by Council accepting the Public Improvements. The City shall conduct a prompt review of the Public Improvements and shall deliver to Developer reasons for any denial that it makes.
Performance Bond Agreement. Subdivider shall provide a financial guarantee of performance to the Finance Director of the City of Avon in the form of a Set Aside and Escrow Agreement, a copy of which is attached hereto as Exhibit A-1, in the amount of Six Hundred Fifty Thousand One Hundred Forty Six and 00/100 ($650,146.00) Dollars which is One Hundred Ten (110%) percent of the total Engineer's estimate of costs. No construction of improvements shall commence until said financial guarantee of performance has been provided to the Finance Director. This financial guarantee shall be released to Subdivider upon completion of all improvements to be accepted by the City for this phase of the Development to the satisfaction of the City Engineer and upon passage of ordinance by Council accepting the improvements.
Performance Bond Agreement. As both parties to this Developer’s Agreement are political subdivisions of the State of Ohio, the City of Avon will not require a performance bond for the completion of the improvements contemplated herein.
