2003-10-08 CC Packet - Laserfiche WebLink

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is issued to guaranty and assure performance by the Developer of all the terms and conditions of Paragraph Bl of this Development Contract. Such Letter of Credit may be reduced upon completion and acceptance of the Private Improvements by the City. to an amount deemed adequate by the City Engineer to cover the two year warranty period described herein. The City shall have the right during said warranty period to draw on the Letter of Credit for any warranty work that is necessary. 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. f. Reduction of Escrow Guaranty. The Developer may request a reduction of the Letter of Credit or cash deposit based oil 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. g. Approval 9f 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. C. STREET AND UTILITY IMPROVEMENTS. In accordance with the policies and ordinances of the City, the "Street and Utility Improvements" include those improvements as described by the plans, specifications, and contract documents entitled Pheasant Marsh, Phase ill Street and Utility Improvements, as prepared by the City Engineer and as adopted and approved by the City Council. The Developer hereby requests that the City install and/or modify the necessary streets, sanitary sewer, water, municipal storm sewer to service the proposed development. The City agrees to proceed pursuant to Minnesota Statutes. Chapter 429, the Petition for Local Improvement signed by Developer dated August 22, 2001, and the Agreement of Assessment and Waiver of Irregularity and Appeal signed by Developer dated August 22, 2001, and to specially assess 100% of the cost of said improvements to the subject property, with the exception of those costs attributable to the oversizing of the watermain, which costs are as set forth in the Pheasant Marsh, Phase ill Street and Utility Improvements as prepared by the City---Engineer. Said oversizing costs will be the responsibility of City. 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 in the amount of $12,500 to provide for financing the cost of preparing the Development Contract and said final plans and specifications by the City Engineer. Furthermore, the Developer shall also provide a cash escrow to the City in an amount indicated in writing to provide for financing the cost of inspection, staking, and construction administration by the City Engineer. 5