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<br />. <br /> <br />(b) Reduction of Security. Upon completion of the Park Building <br />and acceptance by the City, the City's Council shall reduce <br />the amount of security for the completed building. <br /> <br />(c) Inspection. The City's Consulting Engineer and Building <br />Inspector shall be permitted to inspect the construction of the <br />Park Building to insure compliance with the approved plans <br />and specifications. Guidant shall reimburse the City for its <br />inspection costs. <br /> <br />C. Traffic Studv Update. Guidant shall update the traffic study contained in <br />the PUD Master Plan after completion of the Phase I building construction <br />and traffic improvements, and after completion of the Phase II building <br />construction and traffic improvements. If updated traffic studies indicate <br />that proposed traffic improvements will not be adequate to accommodate <br />the traffic generated by development pursuant to the PUD Master Plan, <br />Developer shall not be allowed to proceed with each subsequent <br />development phase until a revised PUD Master Plan has been approved <br />by the City. <br /> <br />D. <br /> <br />A.U.A.R. Plan. No development shall occur on the Guidant Property <br />during the various phases of development, unless the mitigation measures <br />identified in the A.U.A.R. Plan have been satisfied within the appropriate <br />timelines. <br /> <br />. <br /> <br />E. Drainaae and Utility Plan. The approved drainage and utility plan shall is <br />attached and incorporated as Exhibit G. <br /> <br />F. Fernwood Street. At the present time, Fernwood Street is a public right- <br />of-way. As part of the development of the Guidant Property, Fernwood <br />Street will be reconstructed and reconflQured as a private road. In order to <br />facilitate the transition of Fernwood Street from a public right-of-way to a <br />private road, the City will vacate its easement over the easterly portion of <br />Fernwood Street and will convey its fee interest in the westerly portion of <br />Fernwood Street, subject to the following conditions: <br /> <br />1. Existina Utilities: The rights of utility companies for utilities located <br />within the existing right-of-way of Femwood Street shall not be <br />vacated by the City. <br /> <br />2. Declaration of Restrictive Covenants: Execution and recording of <br />the Declaration of Restrictive Covenants, which is attached and <br />incorporated as Exhibit H. <br /> <br />. <br /> <br />5 <br />