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to create any negative impacts upon neighboring properties in the area. <br />The Developer shall comply with approved housing pad elevations. The <br />Developer agrees to make any changes in said elevation or in the grading of <br />the property to ensure compliance with this provision as requested by the <br />City and in the event field conditions warrant said changes. <br />13. Park Dedication Fees. The Developer shall pay park dedication <br />fees pursuant to the City ordinance that will be payable at the time of <br />building permit application. <br />14. Completion and Acceptance of the Project by the City. No <br />building permits shall be issued by the City until the installation of <br />sanitary sewer, storm sewer, water main, curb and gutter, and the first <br />lift of bituminous surface is complete and paid for. <br />15. Letter of Credit. The Developers shall furnish the City with an <br />Irrevocable Letter of Credit in the amount of and No /100 <br />Dollars ($ .00) prior to the commencement of the construction to <br />guarantee payment for the completion of the public improvements. Said <br />Letter of Credit shall be immediately available for the City's use in <br />compensating the contractors constructing the project in the event the <br />Developers do not make payments for costs incurred in a timely and <br />satisfactory manner, as determined by the sole discretion of the City. The <br />Letter of Credit shall be effective through July 31, 2002. It may be <br />reduced by the amount of the payment to Developer's approved contractors <br />for work and materials through substantial completion, which is defined as <br />installation of sanitary sewer, storm sewer, water main, curb and gutter, <br />and the first lift of bituminous surface, provided that the remainder of <br />the Letter of Credit is sufficient to meet expected future obligations. <br />Page 86 <br />