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Parkview Addition DRAFT C O P Y Development Agreement May 22 1998 B. CITY IMPROVEMENTS The Developer has requested that the City of Centerville undertake the following improvements pursuant to MS429: a. Installation of sanitary sewer and water distribution piping and services b. Installation of RCP storm sewers and catch basins of various sizes C. Installation of urban street d. Installation of sidewalk In accordance with the policies and ordinances of the City, the following described improvements (hereinafter collectively called the "Improvements "), to include improvements as described by the plans, specifications, and contract documents entitled Parkview Addition Street and Utility Improvements, as prepared by the City Engineer, Howard R. Green Company, and as adopted and approved by the City Council of the City of Centerville. Said improvements shall be constructed and installed by the City to serve the Subdivision on the terms and conditions according to Ordinance #8, Section 38.01 and other improvements specific to the development herein set forth: 1. Street Construction. The base course shall be completed before October 31, 1998. The wear course shall be completed when the City deems appropriate according to the progress of work on the individual lots. The Developer shall be liable for any increase in cost for construction of the wear course due to delays in construction on the individual lots. 2. Construction Procedures. All such improvements set out in Ordinance #8, Section 38.01, and as additionally specified herein shall be instituted, constructed, and financed as follows: The City shall commence proceedings pursuant to Minnesota Statute 429 providing that such improvements be made and assessed against the benefited properties. After preparation of preliminary plans and estimates by the City Engineer, an improvement hearing, if required by law, will be called by the City Council for the purpose of ordering such improvements. After preparation of final plans and specifications by the City Engineer, the installation of the improvements shall take place under the City's complete supervision. 3. Security, Levy of Special Assessments and Required Payment Therefor. Prior to the preparation of final plans and specifications for the construction of said improvements, the Developer shall provide to the City a cash escrow or letter of credit in an amount equal to the estimated cost for preparation of plans and specifications, as established by the City Engineer. Said cash escrow, including accrued interest thereon, or letter of credit, may be used by the City upon default by Developer in the payment of special assessments pursuant hereto, whether accelerated or otherwise. That such cash escrow or letter of credit shall remain in full force and effect throughout the term of the special assessments, except the \\SPNWFS \VOL1\ DATA \PROJ\260089m \089 -1405. may.DevAgree.doc Page 5