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(d) All -risks Builder's Risk Insurance for the full insurable value of such Public Improvements. (7) Barring Unavoidable Delays, the City shall substantially complete, in accordance with the Public Improvement Plans, the Phase I Public Improvements by August 1, 2008 and the Phase II the Public Improvements by May 31, 2009. Subject to applicable laws, rulings and regulations and barring Unavoidable Delays, the City shall substantially complete, in accordance with the Public Improvement Plans (to the extent applicable), the Phase III Public Improvements by [October] , 2011. Subject to applicable laws, rulings and regulations and barring Unavoidable Delays, the City will endeavor to substantially complete the Phase IVII Public Improvements within 24 months of the County commencing street - widening improvements to Rice Street at its intersection with County Road B2. (8) The Public Improvements specifically do not include a fire pump, booster pump and upsized emergency generator which will be installed by the Developer on the Development Property to meet the Developer's water pressure needs. The Developer acknowledges that while the Public Improvement Expenses to be financed with the proceeds of the Bonds will include restoration of the Developer's driveway to the Lillehei Plaza entrance from Viking Drive, such use of the Bond proceeds may cause an increase in the Phase III Shortfall. (9) City. The Public Improvements shall be, at all times, owned and maintained by the (10) On or before August 1, 2008 the Developer shall deposit $30,400 with the City to pay certain utility expenses benefiting Developer which are integral to the Phase I Public Improvements ;_provicipci_ (lac City's contr_actpr actually_ performs_such utility_work Expenses. Section 3.2 Reimbursement: Tax Increment Revenue Note. After paying and /or incurring the costs for completing the Phase I Public Improvements and the Phase II Public Improvements and the City is ready to commence the Phase III Public Improvements, if the City determines that there remains insufficient proceeds of the Bonds to complete all of the Phase III Public Improvements, it shall so notify Developer of the amount of the insufficiency (the "Phase III Shortfall ") by providing an itemization of the costs for all of the Public Improvements (broken down for each phase) and the amount of the Bond proceeds. The Developer shall deposit with the City funds in an amount equal to the lesser of (a) the amount of the Phase III Shortfall or (b) $650,000, (the "Phase III Deposit Amount ") within 30 days of receipt of such itemization of the costs for the Public Improvements and the City shall hold such amount in a separate account to be disbursed only to pay the costs of the Phase III Public Improvements (the "Phase III Deposit Account "). The City shall repay the Developer for the amount of the Phase III Shortfall through the issuance of the City's Phase III Shortfall Note in substantially the form attached to this Agreement as Exhibit E, subject to the following conditions: (1) The Phase III Shortfall Note shall be dated, issued and delivered when the Developer shall have deposited with the City funds in the amount of the Phase III Deposit Amount. 2L39197v6 Dock 2561638 \9 10