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I construction means,, methods,, techniques, sequences or procedures or for the safety precautions or 2 programs, or for the Contractors failure to perform his work in accordance with the contract 3 documents. The Developer is obligated to pay the City for City inspection services an amount equal 4 to 2% of the cost of the Developer improvements or approximately $,8,100,125. This amount shall 5 be paid at or prior to the execution of this Agreement. 6 I. Security. To guarantee compliance with the terms of this Agreement, payment of the costs of all 7 public improvements and construction of all public improvements, the Developer shall furnish an 8 irrevocable letter of credit for $506,250 in a form to be approved by the City. The amount of the 9 letter of credit is 125% of the cost for this project. 10 1. Reduction of Security. Periodically upon the Developers written request,, the City I I Engineer may reduce the amount of the Letter of Credit for completed Public 12 Improvements provided the following conditions are met.- 13 a) The Developer's engineer certifies that the Public improvements have been 14 constructed to City Standards. 15 b) The Developer's Contractor provides documentation that they and their 16 subcontractors have been paid in full for the work completed. 17 c) The City Engineer determines that such Public Improvements have been fully 18 completed in accordance with the plans, specifications and provisions of this 19 Agreement. 20 The amount of reduction shall be equal to that portion of the Letter of Credit which covers 21 such completed Public Improvement(s),. , provided however, in no case shall the remaining 22 amount of the Letter of Credit be less than the greater of: i), 25% of the original amount of 23 the Letter of Credit,, or (ii), 125% of the estimated cost of the Public Improvements which 24 have not been completed as determined by the City Engineer. 25 26 2. Release of Security. This Agreement shall run with the land and may be recorded against 27 the title to the property. After the work described in this Agreement has been completed, 28 the Developer may request that the City accept the Public Improvements. This is 29 accomplished through a City Council resolution provided the following conditions are 30 met.* 31 a), As-,built Survey. The Developer shall provide an as-built survey upon completion of 32 the public improvements described in Paragraph C in reproducible and digital 33 (AutoCAD), format. The locations and elevations of sewer and water services shall be 34 accurately shown on these record plans. 35 b), Certification. The Developer's engineer submits a letter certifying that the 36 improvements have been constructed to City Standards and requests that the City 37 accept the improvements. 38 c), Payment. The Developer's Contractor provides documentation that they and their 39 subcontractors have been paid in full for the work completed. 40 d), The City Engineer and the City Council have determined that all Public 41 Improvements have been completed in accordance with the plans and specifications 42 and terms of this Agreement.