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<br />S e p i i) <br /> <br />I \i' <br /> <br />2 G 01 <br /> <br />8: 14AM <br /> <br />8ARNA,GUZY&STEFFAN <br /> <br />!~o6361 <br /> <br />p, <br /> <br />1 ,) <br />i ''; <br /> <br />The City shall have the right during said warranty period to draw on the <br />Letter of Credit for ,my warranty work that is oocessary, The Irrevocable <br />Letter. of Credit sh.,tll be renewed or replaced by not later thau. hventy (20) <br />days prior to its expiration with a lL1<:e letter 0'r bond. <br /> <br />( Reduction of Escro'li'y" Guaranty. The Deyeloper may request a reduction <br />~)f the Letter of Credit or ce..".b. deposit based on prepayment or the value of <br />the completed. Private Improvements at the time of the requested <br />reduction. The amount of rednc.qon will be determined by the Ci'ty and <br />such recommendation will be suBmitted to the City Council tor action. <br /> <br />g. Approval of ContracWTS. Any contractor selected by the Developer to <br />constr1.!ct and insmH any Private Impl'Overnent'3 must be detennined in <br />'VoiTiting by the City Engineer to be acceptable. The City reserves the right <br />to require s.atisfactory proof of successfui experience and adequate <br />fman,;;ial matu" by any such contractor. <br /> <br />C. STREET i0.\lD UTILITY Uv'!PE.oVEMENT:'i. In accordance w.ith the policies and <br />ordinances of the City~, the "Stre.::t and Utility rmprovements~' Include those <br />impl'ovement':1 as described by the plans, sp~cif1cations, an.d contract documents entitled <br />Phe~tsant Marsh Utility and Street Improvero.ern:s, as prepared by the City Engineer and as <br />adopted and approved by tb.e City Council, <br /> <br />The D€v~ioper hereby requests that the City h1.GtaU and/or modify t1Je necessary streets. <br />sanitary sewer, yVater, munk.ipal stOrrt.l sewer, and walkway/tra,j to service the proposed <br />deveJopment The City agree,s tQ proc;,;e{} pursuant to Willmesota Statutes Chapter 429" <br />the Petition ror Local InlDroverpent {;jgned ~v I)eveloper dated Au~ust 22,2001. and th~ <br />Agreeme.nt of AssesSn;~li\V~tver ot"'lrregularitv &',:d Appeal sij;med by Deyeloper <br />datlCd Augu.,9t 2~~:200L and to specially assess 100% ofthe cost of said Lmprovernents to <br />~e jJI.r:J:~:,rties be;l~\!d ~~the: subiect Pro~, The Devdoper hereby waives its <br />right to appeal the amOll,l,'1t of any special assessments against hs property ''Irith:in the <br />described development. <br /> <br />~.m:2~3l0innesota S tann'ii: 462.3 5: 31, this will veT of r.~ihts 0 f apoeal is effecti VEl <br />f~lr the amount of $ . . -, Developer understands and spedficallv$,\liU'ees .. <br />~ assessn:ent a~l)f f.._ :. ~- J:l::i:set forth herein $.1:1311 control wifu <br />regard to the waiver of ri~_hts ar4_$1J~5:.i\1. and t..\at the amount of$L871 ,642_~ set forth <br />~e A'f,(reeme~ofAr,se~5ment tmgjVai:ve:r ofIrre2ularitv and Appeal dated Augusll;h <br />~~loes not con!~i11 thslwaiver otJ:ights and apoeal as provided for in MinneSQl;s <br /><:;:4-h'I"" 4<;" ::"31. <br />l.,;;W~ ~ -... . ;4,..J ''"''~'_' <br /> <br />Prior to the prepamtian of tlnal plans and specifications for the consouction of said <br />improvemerxi:s. t.~e Developer shall provide to the City a cash escr.O'N in MfuE amounr <br />~ndic~tl!\il--i~~~:lf.$12.5(LQ..to provide for tlnallci.ng the cost of preparing the <br />Developme!lt ContraCT ii'~lldsal-a: final 1'18...'18 andspeciflcations by the City Engineer. <br />PurthelU1ore, the Deve.loper shall also provide a cash escrow to the City in an amount <br /> <br />5 <br />