10-12-05 La Porte Redevelopment Authority Meeting minutes

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DRAFT #6 3 a) The City, the Zone Board, the La Porte Authority or the Developer may elect to pay the additional costs of the Project or any Combination of City, Zone Board, La Porte Authority or Developer may provide funding for additional costs for the Project. b) City may withhold approval and elect not to proceed with the letting of the contract and terminate this agreement as provided below. c) City may withhold approval and request Developer to re-advertise for bids for construction of the Project in accordance with the approved drawings and specifications in the same manner as before and under the same conditions. d) City may negotiate a reduced Scope of Work to be agreed upon by all parties prior to re-bid or acceptance of alternate bids for the Project. 10. Upon receipt of a "notice to proceed" the Developer shall authorize the contractor to construct the "Project." Progress payments shall be made based on monthly submittal of work performed less 10% retainage. Said monthly submittal shall be reviewed and approved by City and Project Engineer. a.) Progress payments shall be made by the Authority jointly to the Developer and the Contractor. b.) The City shall have final authority regarding any progress payments to the Developer and Contractor. 11. During construction the City shall have the right to inspect the contractor's work for compliance with the plans and specifications. Work not in compliance shall not be approved for payment. It is agreed and understood that the Developer shall be responsible for maintenance of the Project until final acceptance of the construction and installation of the Project and other public infrastructure installed by Developer to serve Section 1 of the Lakes at Fairmont Greens by City, at which time maintenance responsibilities of the Project shall be transferred to City. 12. Upon execution of this agreement and compliance with terms herein, Developer agrees to begin construction thereof as soon as the same may be let for contract as herein provided. Developer shall require the contractor under such contract to diligently pursue the construction of the project to completion. IN WITNESS WHEREOF, the Parties to these presents have executed this agreement in several counterparts, each of which shall be deemed an original, in the year and day first mentioned above.