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<br />I- <br />I <br /> <br />f. 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 fur action. <br /> <br />g. 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 />financial status by any such contractor. <br /> <br />C. STREET AND UTILITY IMPROVEMENTS. In accordance with the policies and <br />ordinances of the City, the "Street and Utility Improvements" include those <br />improvements as descn1Jed by the plans, specifications, and contract documents entitled <br />The Shores Utility and Street Improvements, as prepared by the City Engineer and as <br />adopted and approved by the City Council. <br /> <br />Concurrently with the execution hereof by the Developer, the Developer shall provide to <br />the City a cash escrow in an amount indicated in writing to provide for the cost of <br />preparing the Development Contract, the cost of inspection, staking, and construction <br />administration by the City Engineer. <br /> <br />D. RECORDING AND RELEASE. The Developer agrees that the tenns of this <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 RecorderlRegistrar 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, engineering fees, legal fees, <br />inspection fees, interest costs, costs of acquisition of necessary easements, if any, and any <br />other costs incurred by the City relating to this Development Contract and the installation <br />and financing of the aforementioned improvements. <br /> <br />F. OCCUPATION OF PREMISES. The Developer further agrees that it will not cause to <br />be occupied any premises upon the plat or any property within the plat until the <br />completion of the gas, electric, telephone, cable television, water, and sewer <br />improvements required by this Development Contract have been installed, unless the City <br />has agreed in writing to waive this requirement as to a specific premises. Furthennore, <br />Developer shall be granted no certificates of occupancy fur homes within the plat prior to <br />substantial completion of all Private and Street and Utility Improvements descnOed in <br />this Contract, including the base course layer of pavement. BIJilding Permits shall be <br />issued only within the constraints as set forth previously herein. <br /> <br />5 <br />