CCP 11-12-2002 - Laserfiche WebLink

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. improvements shall be constructed in compliance with plans and specifications which have been reviewed and approved by the City's consulting engineer and, where appropriate, by the Ramsey County engineer and/or the Minnesota Department of Transportation engineer. I. Phase I Traffic Improvements. Except as provided herein, Phase I traffic improvements shall be completed prior to the issuance of occupancy permits for the Phase I buildings, The following Phase I traffic improvements shall be completed by December 31, 2003, and shaIl be subject to the following conditions: (a) Improvement/Estimated Cost ofImprovement, Improvement Estimated Cost Reconstruction of Guidant Drive North $350,000,00 InstaIlation of Traffic Signal Cummings Park DrivelLexington $250,000.00 . Total Estimated Cost: $600.000.00 (b) Amount of Improvement Security, Prior to the City's endorsement of approval on the Final Plat, Guidant shall deposit security with the City Administrator in an amount equal to 125% of the engineer's estimate of the cost of constructing the traffic improvements, defined above, which have not been completed and accepted by the City prior to Final Plat approval. The security may be in the form of a cash escrow fund, a performance bond, or a letter of credit. The form of security shall be approved by the City attorney, (c) Reduction of Security, Upon completion of required improvements for the Guidant Property and acceptance by the City, the City Council shall reduce the amount of security for the completed improvements provided that in no case shall the total remaining security be equal to less than 125% of the estimated costs of the incomplete improvements, (d) Inspection. The City's consulting engineer shall be permitted to inspect the construction and installation of the traffic improvements defined in this subdivision 3(A)(l) as deemed appropriate by the engineer to insure compliance with . 2