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Development Contract <br />Clearwater Creek 3`d Addn. — Phase One <br />Irrevocable Letter of Credit shall be automatically extended <br />for additional periods of one year from present or future <br />expiration dates unless thirty (30) days prior to such the City <br />Clerk or Administrator is notified in writing by certified mail <br />that the Letter of Credit will not be renewed. <br />b) Reduction of Escrow Guarantee. <br />(1) The Developer may request reduction of the Letter of Credit, <br />or cash deposit based on prepayment or the value of the <br />completed improvements at the time of the requested <br />reduction. Prior to the final acceptance of the Developer's <br />Improvements the City shall require a Performance Bond or <br />Cash Escrow to cover the warranty provisions of the <br />agreement. The amount shall be determined by the City <br />Engineer. <br />III. CITY'S IMPROVEMENTS <br />A. The City shall install the following described improvements to serve the <br />Subdivision on the terms and conditions herein set forth: <br />1. Storm sewer trunks. <br />2. Sanitary sewer trunks. <br />3. Water trunks. <br />4. Final wear course. <br />B. Construction Procedures <br />1. All City improvements above shall be instituted, constructed and financed as <br />follows: The City shall commence proceedings pursuant to Minnesota <br />Statute 429 and City Charter providing that such improvements be made and <br />assessed against the benefited properties. After preparation of preliminary <br />plans and estimates by the City Engineer, an improvement hearing, if <br />required by law, will be called by the City Council for the purpose of <br />ordering such City Improvements. After preparation of the final plans and <br />specifications by the City Engineer, bids will be taken by the City and <br />contract awarded for the installation of City Improvements under the City's <br />complete supervision. <br />page 7 <br />