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<br />f <br /> <br />Reduction of Escrow Guaranty. The Developer may request a reduction <br />of the Letter of Credit or cash deposit based on prepayment or the value of <br />the completed Private Improvements at the time of the requested <br />reduction. The amount of reduction will be determined by the City and <br />such recommendation will be submitted to the City Council for action. <br /> <br />g. <br /> <br />Approval of Contractors. Any contractor selected by the Developer to <br />construct and install any Private Improvements must be determined in <br />writing by the City Engineer to be acceptable. The City reserves the right <br />to require satisfactory proof of successful experience and adequate <br />[mancial status by any such contractor. <br /> <br />C. STREET AND UTILITY Hv1PROVEMENTS. In accordance with the policies and <br />ordinances of the City, the "Street and Utility Improvements" include those <br />improvements as described by the plans, specifications, and contract docmnents entitled <br />Hunters Crossing Utility and Street Improvements, as prepared by the City Engineer and <br />as adopted and approved by the City Council. <br /> <br />The Developer hereby requests that the City install and/or modify the necessary streets, <br />sanitary sewer, water, municipal storm sewer, and walkway/trail (including the off-site <br />connection to the regional trail) to service the proposed development. The City agrees to <br />proceed pursuant to Minnesota Statutes Chapter 429, and to specially assess the cost of <br />said improvements to those properties benefited thereby. The Developer hereby waives <br />its right to appeal the amount of any special assessments against its property within the <br />described development (including the off-site trail connection to the regional trail <br />system) . <br /> <br />Prior to the preparation of final plans and specifications for the construction of said <br />improvements, the Developer shall provide to the City a cash escrow in an amount <br />indicated in wri~ing to provide for fin~ncin~ the cost of~repar~g the Development~. ...-:-~ __) <br />Contract and SaId final plans and spec1ficatJons by the CIty Engmeer. ~""'~ ~c"./. <br />Ill~Ksha11~J1ltiXviQffi;:a:~as1.l}exotM~Xke<frK}C~ount:indD.JedliRX\X' . b <br />00 prowde:: fO{ financmg the :east cl inspe;ctwnxstakiRg,xmd cRnst~tiW1 ad~trati<ID I <br />by the :City B:ngineer.-//!J. <br /> <br />, <br /> <br />D. RECORDING AND RELEASE. The Developer agrees that the terms ofthis <br />Development Contract shall be a covenant on any and all property included in the <br />Subdivision. The Developer agrees that the City shall have the right to record a copy of <br />this Development Contract with the Anoka County Recorder/Registrar to give notice to <br />future purchasers and owners. <br /> <br />E. REIMBURSEMENT OF COSTS. The Developer agrees to fully reimburse the City for <br />all costs incurred by the City including, but not limited to, the actual costs of construction <br />of said improvements, engineering fees, legal fees, inspection fees, interest costs, costs of <br />acquisition of necessary easements, if any, and any other costs incurred by the City <br /> <br />5 <br />