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Woods of Clearwater Creek Development Agreement DRAFT August 27, 1998 conditions of this contract. The Irrevocable Letter of Credit shall be renewed or replaced by not later than twenty (20) days prior to its expiration with a like letter or bond. g. Reduction of Escrow Guarantee The Developer may request reduction of the Letter of Credit or cash deposit based on prepayment or the value of the completed Private Improvements at the time of the requested reduction. The amount of reduction will be determined by the City and such recommendation will be submitted to the City Council for action. h. Approval of Contractors Any contractor selected by the Developer to construct and install any Private Improvements must be determined in writing by the City Engineer to be acceptable. The City reserves the right to require satisfactory proof of successful experience and adequate financial status by any such contractor. B. STREET AND UTILITY IMPROVEMENTS In accordance with the policies and ordinances of the City, the following described improvements (hereinafter collectively called the "Street and Utility Improvements' ), to include improvements as described by the plans, specifications, and contract documents entitled Woods of Clearwater Creek Streets and Utilities, 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 Developer 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 November 15, 1998. The wear course shall be completed before September 1, 1999, or 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 48, Section 38.01, and as additionally specified herein shall be instituted, constructed, and financed as follows: a. The Developer shall provide to the City in writing an indication of the contractor selected by the Developer to construct and install the Street and Utility Improvements. The City shall reserve the right to determine if the contractor selected by the Developer is acceptable. The City reserves the right to require satisfactory proof of successful experience and adequate financial status by any such contractor. b. Construction shall not begin until written notice authorizing construction to start is received by the Developer from the City. 0 :A PROJA 804080j1080- 2401.june.DevAgree.doc Page 5