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<br />. <br /> <br />with approved construction plans and specifications and all applicable standards and <br />ordinances. The contract will define the developer's responsibilities with regard to city <br />improvement. The contract shall provide for the supervision of construction by the City <br />Engineer, and the contract shall require that the city be reimbursed for all costs incurred <br />by the city for engineering and legal fees and other expenses in connection with the <br />making of the improvements. The performance of the contract shall be financially <br />secured by a cash escrow deposit or irrevocable -letter of credit as hereinafter set forth. <br /> <br />~ 153.37 FINANCIAL SECURITY. <br /> <br />The developer's agreement shall require the subdivider to make a cash escrow <br />deposit or in lieu thereof to furuish a letter of credit in the following amounts and upon <br />the following conditions: <br /> <br />(A) Escrow deposit. The subdivider shall deposit with the Treasurer a cash amount <br />equal to 150% of the total cost of the improvements as estimated by the City Engineer, <br />including the estimated expense of the city for engineering and legal fees and other <br />expenses incurred by the city in connection with the making of the improvement. <br /> <br />(B) Letter of credit. In lieu of a cash deposit, the subdivider may furnish a letter of <br />credit satisfactory to the city, in a sum equal to -150% of the total cost of the <br />improvements as estimated by the City Engineer, including the estimated expense of the <br />c.it:yl1::il1lie C;l1gl1lt;~lJlg i;t.illncgarft;..;~ i.tlliruUlt::I ~Xpc:il:st:S "lncwrea bitlie -city in- - <br />connection with the making of the improvements. Release of the letter of credit will be <br />determined by Council resolution. <br /> <br />(C) Conditions. The developer's agreement shall provide for a completion date on <br />which all of the required improvements shall be fully installed, completed and accepted <br />by the city. The completion date shall be determined by the Council after consultation <br />with the City Engineer and the subdivider;and shall be reasonable in relation to the <br />construction to be performed, the season of the year and proper correlation with <br />construction activities in the subdivision. The developer's agreement shall provide that, <br />in the event the required improvements are not completed within the time allotted, the <br />city shall be allowed to exercise its power to recover on the letter of credit or utilize the <br />escrow deposit to complete the remaining construction to city standards and <br />specifications. In the event the amount of funds recovered is insufficient to cover the cost <br />of construction, the Council may assess the remaining cost to the lands within the <br />subdivision. <br /> <br />~ 153.38 CONSTRUCTION PLANS. <br /> <br />Construction plans and specifications for the required improvements conforming in <br />all respects with the standards and ordinances of the city shall be prepared at the expense <br />of the subdivider by a professional engineer registered by the State of Minnesota. The <br />plans and specifications shall be approved by the City Engineer and shall become a part <br />of the, developer's agreement. Two prints of the plans and specifications shall be fIled <br />with the Administrator. <br /> <br />~ 153.39 INSPECTION. <br /> <br />All required improvements shall be inspected during the course of construction by <br /> <br />12 <br />