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Attachment G I Developer to take all reasonable steps, as directed by the City Engineer, to ensure that the Public 2 Improvements are constructed and inspected pursuant to the terms of this Agreement. Such 3 failure shall further result in the assessment of a penalty upon the occurrence of each such failure 4 to comply, in an amount equal to I% of the amount of the security required for such Public 5 Improvements, which penalty the Developer agrees to pay upon demand. 6 H. Engineering Coordination. A City Engineering Coordinator shall be assigned to this project to 7 provide further protection for the City against defects and deficiencies in the work and Public 8 Improvements through the observations of the work in progress and field checks of materials and 9 equipment. However, the furnishing of such engineering coordination will not make the City 10 responsible for construction means,, methods, techniques, sequences or procedures or for the safety I I precautions or programs, or for the Developer's failure to perform its work in accordance with the 12 Public Improvement Construction Plans. The Developer is obligated to pay the City for City 13 inspection services an amount equal to 2% of the cost of the Public Improvements, which 2% 14 amount is $2,400. This amount shall be paid upon or prior to the execution of this Agreement. 15 I. Security. To guarantee compliance with the terms of this Agreement, payment of the costs of all 16 Public Improvements and construction of all Public Improvements, the Developer shall furnish an 17 irrevocable letter of credit for $15(x,930 in a form to be approved by the City. The amount of the 18 letter of credit is 125% of the cost for the Public Improvements. 19 1. Reduction of Security. Periodically upon the Developers written request, the City Engineer 20 may reduce the amount of the Letter of Credit for completed Public Improvements provided the 21 following conditions are met.* 22 a) The Developer's engineer certifies that the Public Improvements have been 23 constructed to City Standards in accordance with the Plans. 24 b) The Developer provides documentation that its subcontractor(s) and all 25 subcontractors and suppliers have been paid in full for the work completed and materials 26 supplied. 27 c) The City Engineer determines that such Public Improvements have been fully 28 completed in accordance with the Plans and provisions of this Agreement. 29 The amount of reduction shall be equal to that portion of the Letter of Credit which covers 30 such completed Public Improvement(s),. , provided however, in no case shall the remaining 31 amount of the Letter of Credit be less than the greater of: (i), 25% of the original amount of 32 the Letter of Credit,, or (ii), 125% of the estimated cost of the Public Improvements which 33 have not been completed as determined by the City Engineer. 34 2. Release of Security. After the work described in this Agreement has been completed, the 35 Developer may request that the City accept the Public Improvements. This is accomplished 36 through a City Council resolution provided the following conditions are met.- 37 a), As-,built Survey. The Developer shall provide an as-built survey upon completion of 38 the Public Improvements described in Paragraph C in reproducible and digital 39 (AutoCAD), format. The locations and elevations of sewer and water services shall be 40 accurately shown on the survey. Page 4 of 15