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I H. Engineering Coordination. A City Engineering Coordinator shall be assigned to this project to 2 provide further protection for the City against defects and deficiencies in the work of the Contractor 3 through the observations of the work in progress and field checks of materials and equipment. 4 However,, the furnishing of such engineering coordination will not make the City responsible for 5 construction means,, methods,, techniques, sequences or procedures or for the safety precautions or 6 programs, or for the Contractors failure to perform his work in accordance with the contract 7 documents. The Developer is obligated to pay the City for City inspection services an amount equal 8 to 2% of the cost of the Developer improvements or approximately $,8,100.00. This amount shall be 9 paid at or prior to the execution of this Agreement. 10 I. Security. To guarantee compliance with the terms of this Agreement, payment of the costs of all I I public improvements and construction of all public improvements, the Developer shall furnish an 12 irrevocable letter of credit for $506,250 in a form to be approved by the City. The amount of the 13 letter of credit is 125% of the cost for this project. 14 1. Reduction of Security. Periodically upon the Developers written request,, the City 15 Engineer may reduce the amount of the Letter of Credit for completed Public 16 Improvements provided the following conditions are met.- 17 a) The Developer's engineer certifies that the Public improvements have been 18 constructed to City Standards. 19 b) The Developer's Contractor provides documentation that they and their 20 subcontractors have been paid in full for the work completed. 21 c) The City Engineer determines that such Public Improvements have been fully 22 completed in accordance with the plans, specifications and provisions of this Agreement. 23 The amount of reduction shall be equal to that portion of the Letter of Credit which covers 24 such completed Public Improvement(s),. , provided however, in no case shall the remaining 25 amount of the Letter of Credit be less than the greater of: (i), 25% of the original amount of 26 the Letter of Credit,, or (ii), 125% of the estimated cost of the Public Improvements which 27 have not been completed as determined by the City Engineer. 28 29 2. Release of Security. This Agreement shall run with the land and may be recorded against 30 the title to the property. After the work described in this Agreement has been completed, 31 the Developer may request that the City accept the Public Improvements. This is 32 accomplished through a City Council resolution provided the following conditions are 33 met.* 34 a), As-,built Survey. The Developer shall provide an as-built survey upon completion of 35 the public improvements described in Paragraph C in reproducible and digital 36 (AutoCAD), format. The locations and elevations of sewer and water services shall be 37 accurately shown on these record plans. 38 b), Certification. The Developer's engineer submits a letter certifying that the 39 improvements have been constructed to City Standards and requests that the City accept 40 the improvements. 41 c), Payment. The Developer's Contractor provides documentation that they and their 42 subcontractors have been paid in full for the work completed. Page 5 of 13