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<br /> <br />2. The Developer provides documentation that its contractors and all their <br />subcontractors and suppliers have been paid in full for the work completed and <br />materials supplied. <br />3. The City Engineer determines that such Public Improvements have been <br />fully completed in accordance with the Plans, specifications and provisions of this <br />Agreement. <br /> <br />4. The amount of reduction shall be equal to that portion of the Construction <br />Security which covers such completed Public Improvements; provided however, in <br />no case shall the remaining amount of the Construction Security be less than the <br />greater of: (i) 25% of the original amount of the Construction Security, or (ii) 150% <br />of the estimated cost to complete the remaining Public Improvements. <br />b) Release of Construction Security. After the work described in this Agreement has <br />been completed, the Developer may request that the City accept the Public Improvements <br />and release the Construction Security. This is accomplished through a City Council <br />resolution provided the following conditions are met: <br />1. As-built Survey. The Developer shall provide an as-built survey upon <br />completion of the Improvements described in Section 1.02 in reproducible and <br />digital (CAD) format. The locations and elevations of sewer and water services <br />shall be accurately shown on the survey. <br />2. Certification. The Developer’s engineer submits a letter certifying that the <br />Public Improvements have been constructed to City Standards in accordance with <br />the Plans and requests that the City accept the Public Improvements. <br />3. Lien Waivers. The Developer provides documentation that its contractors <br />and their subcontractors and suppliers have been paid in full for the work completed <br />and the materials supplied. <br />4. Warranty. Warranty is provided to the City per Section 4.03. <br /> <br />5. Determination of Completion. The City Engineer and the City Council have <br />determined that all Public Improvements have been completed in accordance with <br />the Approved Plans and terms of this Agreement. The date of City acceptance of <br />the Public Improvements shall be the date of the City Council resolution accepting <br />the Public Improvements <br />4.02. Escrow for Costs. Prior to entering in to this Agreement, the Developer has deposited a <br />cash escrow in the amount of $3,678, to pay Administrative Costs. “Administrative Costs” are <br />defined as out-of-pocket costs incurred by the City, together with staff, legal, engineering, and all <br />9 <br />22485\\13\\2777004.v3 <br /> <br />