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<br />DRAFT <br /> <br />, <br /> <br />A, <br /> <br />. <br /> <br />COnstruction of Imorovements, Building improvements shall be constructed <br />in compliance with building plans and specifications which have been <br />reviewed and approved by the City's building inspector. Traffic improvements <br />for Phases I, II and III, as defined in the Master Plan PUD, Final Plan PUD or <br />subsequent document as agreed to by the parties; shall be constructed in <br />compliance with plans and specifications which have been reviewed and <br />approved by the City's consulting engineer for each phase and, where <br />appropriate, by the Ramsey County engineer and/or the Minnesota <br />Department of Transportation engineer. The traffic improvements for Phase I <br />and the antidpated construction schedule for such improvements are <br />attached as Exhibit 0-1. The traffic improvements for Phases II and III, upon <br />approval by the City and other appropriate parties on a future date, will be <br />attached and incorporated respectively as Exhibits 0-2 and 0-3. <br /> <br />1. Phase I Traffic Imorovements. Except as provided herein, Phase I <br />traffic improvements shall be completed prior to the issuance of <br />occupancy permits for any Phase I buildings. The following Phase I <br />traffic improvements shall be completed by December 31, 2003, and <br />shall be subject to the following conditionS: <br /> <br />(a) ImorovementlEstimated Cost of Imorovement. <br /> /mDrovement Estimated Cost . <br /> Reconstruction of Guidant $350,000.00 <br /> Drive North <br /> Installation of Traffic Signal <br /> Cummings Park Drive/Lexington $250.000.00 <br /> Total Estimated Cost: $600.000,00 <br />(b) Amount of Imorovement Security. Prior to the'City's <br /> endorsement of approval on the Final Plat, Guidant shall <br /> deposit security with the City Administrator in an amount equal <br /> to 125% of the engineer's estimate of the cost of constructing <br /> the traffic improvements, defined above, which have not been <br /> completed and accepted by the City prior to Final Plat approval. <br /> The security may be in the form of a cash escrow fund, a <br /> performance bond, or a letter of credit. The form of security <br /> shall be approved by the City attomey. <br />(c) Reduction of Security. Upon completion of required <br /> improvements for the Guidant Property and acceptance by the <br /> City, the City Council shall reduce the amount of security for <br /> the completed improvements provided that in no case shall the . <br /> total remaining security be equal to less than 125% of the <br /> estimated costs of the incomplete improvements. <br /> <br />2 <br />