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Clearwater Meadows Development Agreement of Credit for the purpose of guaranteeing the terms and 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. 8. 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 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. 9. Approval of Contractors Any contractor selected by the Developer to construct and install any Developer Improvement 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. 2. CITYS IMPROVEMENTS 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 Clearwater Meadows Street and Utility Improvements, as prepared by the City Engineer, MSA Consulting Engineers, and as adopted and approved by the City Council of the City of Centerville. Improvements shall also include installation of balled and burlapped boulevard trees as specified by the City Forester. 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 (Exhibit A) and other improvements specific to the development herein set forth: A. Street Construction The Base Course shall be completed before September 15, 1996- The Wear Course shall be completed before September 1, 1997. B. Construction Procedure c . 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 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 the final plans and specifications by the City Engineer, the installation of improvements shall take place under the City's complete supervision. K- GDEV.WPS Page 5