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NOV -24' 981TUEi 16 : BARNA GUZF STEFFE TEL:612 780 1777 P, 006 <br /> ordinsnee number 8, section 38.01, and other improvements specific to the Development <br /> herein set forth: <br /> 1. Construction Procedures. All such improvements specified herein shall be <br /> instituted, constructed, and financed as fellow's: <br /> a, The Developer shall provide to the City in writing an indication of the <br /> contractor selected by the Developer to construct and install the storm <br /> sewer and street reconstruction improvements. The City shall reserve the <br /> right to determine of the contractor selected by the Developer is <br /> acceptable. The City reserves the right to require satisfactory proof of <br /> successful experience and adequate status by any such contractor. <br /> b. Construction shall not begin until written notice authorizing construction <br /> to scan is received by the Developer from the City. <br /> C. Construction shall be completed to the standards and specifications <br /> described in the plans and specifications entitled Sanitary Sewer and Street <br /> Reconstruction Improvements. Developer authorizes the City and/or the <br /> City Engineer to inspect construction of said improvements and grants to <br /> them a license to enter the Subdivision to perform all necessary work <br /> andior inspections deemed appropriate during said construction, and <br /> tlm•ough expiration of any applicable warranty period. <br /> d. Developer shall, upon execution of this Agreement, provide the City with <br /> cash, letter of credit or other surety with the form of any non -cash surety <br /> to be satisfactory to the City in the sum of Fifty -six Thousand Six <br /> Hundred Thirty Dollars (556,630). Said figure represents 125% of the <br /> estimated cost of the Sanitary Sewer and Street Reconstruction <br /> Improvements (the above Figure reflects the agreement between the City <br /> and Developer to equally share the cost of reconstructing Mound Trail <br /> adjacent to the Subdivision property), The said surety shall be a guaranty <br /> to the City that said improvements will be timely completed to the City's <br /> satisfaction. The said cash, letter of credit or other surety shall be <br /> maintained continuously by the Developer until said improvements are <br /> completed to the City's satisfaction. The said cash, letter of credit or other <br /> surety for said improvement shall be released upon certification of the <br /> City )engineer that such items are satisfactorily completed pursuant to this <br /> Agreement. Periodically, as payments are made by Developer for the <br /> completion of said improvements, and when it is reasonably prudent, <br /> Developer may request of the City that the surety be reduced for the <br /> portion thereof which has been fully completed and paid. In the event that <br /> any cash, letter of credit or other surety referred to herein is ever utilized <br /> and found to be deficient in amount to pay or reimburse the City as set <br /> forth herein, the Developer agrees that upon being billed by the City, the <br /> Developer will pay within ten (10) days of the mailing of said billing, the <br /> 5 <br />