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<br />. <br /> <br />(c) <br /> <br />(d) <br /> <br />cash escrow fund, a performance bond, or a letter of credit. <br />The form of security shall be approved by the City's attorney. <br /> <br />Reduction of Security. Upon completion of required <br />improvements for the Guidant Property and acceptance by <br />the City, the City's Council shall reduce the amount of <br />security for the completed improvements provided that in no <br />case shall the total remaining security be equal to less than <br />125% of the estimated costs of the incomplete <br />improvements. <br /> <br />Inspection. The City's consulting engineer shall be permitted <br />to inspect the construction and installation of the traffic <br />improvements defined in this subdivision 3(A)(1) as deemed <br />appropriate by the engineer to insure compliance with <br />approved plans and specifications. Guidant shall reimburse <br />the City for its inspection costs. <br /> <br />(e) Access. Phase I traffic improvements shall be installed in a <br />manner and pursuant to a construction schedule so that <br />continuous access from Lexington Avenue and/or from <br />Fernwood Street to property located adjacent to and <br />northerly of the Guidant Property will not be obstructed. <br /> <br />. <br /> <br />2. Phase II Traffic Improvements. A plan for the payment of Phase II <br />traffic improvements shall have been approved by the parties <br />before the construction of Phase II improvements; and the Phase II <br />traffic improvements shall be completed before the issuance of <br />occupancy permits for any Phase II building, The City <br />acknowledges that Guidant, as part of this Development <br />Agreement, has not agreed to pay for the Phase II traffic <br />improvements. Construction of Phase II traffic improvements by a <br />non-public entity shall require compliance with the provisions of <br />Section 3.00.A.1(b), (c) and (d) by such non-public entity. <br /> <br />3. <br /> <br />Phase III Traffic Improvements. A plan for the payment of Phase III <br />traffic improvements shall have been approved by the parties <br />before the construction of Phase III improvements; and the Phase <br />III traffic improvements shall be completed before the issuance of <br />occupancy permits for any Phase III building. The City <br />acknowledges that Guidant, as part of this Development <br />Agreement, has not agreed to pay for the Phase III traffic <br />improvements. Construction of Phase III traffic improvements by a <br />non-public entity shall require compliance with the provisions of <br />Section 3.00.A.1(b), (c) and (d) by such non-public entity. <br /> <br />. <br /> <br />3 <br />