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Letter of Credit for any warranty work that is necessary. The Irrevocable <br /> Letter of Credit shall be renewed or replaced by not later than twenty (20) <br /> days prior to its expiration with a like letter or bond. <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 /> 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 /> C. STREET AND UTILITY IMPROVEMENTS. In accordance with the policies and <br /> ordinances of the City, the following described improvements (hereinafter collectively <br /> called the "Street and Utility Improvements "), include improvements as described by the <br /> plans, specifications, and contract documents entitled Center Villa Utility and Street <br /> Improvements, as prepared by the City Engineer and as adopted and approved by the City <br /> Council. Said improvements shall be constructed and installed by the Developer to serve <br /> the Subdivision on the terms and conditions according to Ordinance #8, Section 38.01, <br /> and other improvements specific to the development herein set forth: <br /> 1. Street Construction. The base course shall be completed on or before October 29, <br /> 1999. The wear course shall be completed on or before August 31, 2000, or <br /> when the City deems appropriate according to the progress of work on the <br /> individual lots. The Developer shall be liable for any increase in cost for <br /> construction of the wear course due to delays in construction on the individuals <br /> lots. <br /> 2. Construction Procedures. All such improvements set out in Ordinance #8, <br /> Section 38.01, and as additionally specified herein shall be instituted, constructed, <br /> and financed as follows: <br /> a. The Developer shall provide to the City in writing an indication of the <br /> contractor selected by the Developer to construct and install the Street and <br /> Utility Improvements. The City shall reserve the right to determine if the <br /> contractor selected by the Developer is acceptable. The City reserves the <br /> right to require satisfactory proof of successful experience and adequate <br /> status by any such contractor. <br /> b. Construction shall not begin until written notice authorizing construction <br /> to start is received by the Developer from the City. <br /> 5 <br />