THE CORPORATION OF THE CITY OF PORT COQUITLAM THE CORPORATION OF THE CTY OF PORT COQUITLAM -2- . -3- 3. The developers have called tenders for the instali- ation and construction of the off-site requirements. They have unanimously selected the firm of Goodbrand Construction Ltd. at a price of $600,431.00 (see attached letter dated May 24th, 1977). The City estimate for the work to be carried out by Goodbrand was $652,100.00. Not included in either the Goodbrand price or the City estimate is the underground electrical work and the street lighting which are estimated to cost $79,100.00. This cannot be £ itte finalized until B.C. Hydro prepare and provide engineering drawings, Respectfully submitted, which won't be done until they receive payment for their work in ‘f full. yf 2 fi 4. Based on 2 above,' the estimated cost of the City's share for the servicing of the 18 lots is as follows: 7. The normal 10% holdback will be calculateé fron the developers' share of the off-site servicing costs and will not include the City’s share. The developers will nevertheless be responsible in the normal manner for one year's maintenance on the whole off-site servicing work. City Efgineer. Goodbrand Construction $600,431 Engineering Fees 24,500 Underground Electrical and Street Lighting 79,100 Total Off-Site Servicing Cost - ; 86 lots $704,031 Estimated City Share (28 x 704,031) $147,355 or $8,186 per lot. 5. Usually the City requires that developers submit their Letters of Credit and Cash prior to receiving fourth and final reading of Zoning Amendment By-laws. In this case the Banks will not provide the Letters of Credit because the proper~ ties will not be owned by the developers until after fourth and final reading, Three letters attached dated May 17th, May 18th, and May 19th, 1977 outline the fact the Banks are prepared to issue the Letters of Credit. The Approving Officer will insure that none of the three subdivisions is approved until all require~ ments are met on each of the three developments. 6. Considerable difficulty has been experienced in finding a suitable method for the City to pay for the 18/86 share of the off-site servicing costs. On the one hand the three developers do not wish to be financially responsible for each other and have therefore entered into three separate agreements with the Contractor. On the other hand the City does not wish to become involved directly with the Contractor. It has been suggested and agreed that the City by endorsement of this report will agree to undertake to the three developers to receive invoices from and make payments to the Contractor up to the agreed share amount after such-time as the off-site servicing work has been completed, turned over to the City, accepted by the City and the respective Letters of Credit have been reduced in the normal manner. . Jdenee