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JUL. 30. 1997 1:46PM CITY OF ROSEVILLE l 1'10.724 P.::Vll Devetopment Contract Southwind at Roseville Page 3 8. ReqJrirements for Public Inllwovements All pubfic improvements shall be installed according to the approved plans. The plans shaft be deVeloped in accordanCe with City standards and ordinances. The ptans and specilications shalt be prepared by a competent, registered, professional engineer. The pfans shaft be furnished to the City for at1 necessafY approvats. The Developer shaH obtam aM necessary permits from the City, as well as other agencies, before proceeding with construction. The Developer shan be responsibfe for providing fun-time fiefd inspection personnel to assure an acceptable level of quatity control to the extent that the Developer's engineer shaH be able to certify that the construction meets approved City standards as a condition of City acceptance. In addition, the City may, at the City's discretion, and at the Developer's expense, have one or more City inspectors and a soil engineer inspect the work on a fUll or part-time basts. All costs associated with inspection shal be the responsibility of the developer. The Developer or his engineer shall schedule a pre-construction meeting at a mutually agreeable time at the Rosevif)e Civic Center with all parties concerned, including City staff, to review the program for the construction work. Within 30 days of the compretion of the improvements and before the security is released, the Developer shall supply the City with a complete set of reproducible as- built plans. 9. Security To guarantee compfisnce with the terms of this Agreement, payment of the costs of all pubfic improvements and construction of all pubtic improvements, the Developer shaft fumish the City with a cash escrow or irrevocable letter of credit from a bank ("security") for $ 187,500. The amount of the letter of credit was calculated as follows: 1. The foltowing figures are calculated to be 100% of the estimated cost of Developer instatled public improvements. Sanitary Sewer Water Main storm Drainage Street Construction Sidewalk Grading Survey Monuments Boulevard Sod Boulevard Trees Street Lights TOTALS X 1.50% TOTAL $ 23,000.00 $ 21,000.00 $ 6,500.00 $ 23,000.00 $ 3,150.00 $ 36,000.00 $ 2,000.00 $ 1,500.00 $ 4,800.00 $ 4,000.00 $124,950.00 $187,500.00