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10. <br /> <br />11. <br /> <br />and/or Phase I~ of Riverdale Drive N.W. <br /> <br />Consumction of that portion of Riverdale Drive N.W. located north of 138th <br />Avenue N.W. shall be deferred until construction of Phase E of Riverdale Drive <br /> <br />Phase II and Phase III of Riverdate Drive N.W. are shown on the approved final <br />plat as Ouflots D, E and M. DEVELOPER A hereby agrees to deed these outlots <br />to the CITY, upon a written request, at no expense to the CITY upon any <br />subsequent construction, development or subdivision on Outlots A, B, F, or lq, <br />exclusive of the second phase of residential development in Rivenwick. <br /> <br />Boulevard and Area Restora~:ion. DEVELOPER B shall be responsible for <br />the cost of establishing seed or sod in all boulevards within thirty (30) days of the <br />completion of the street improvements, and restore all other areas disturbed by the <br />development grading operation in accordance with the approved erosion and <br />sediment control plan. DEVELOPER B shall also be responsible for erosion <br />control for a one (1) year period from the date of completion of Stage I <br />Improvements and is herein considered a part of the Stage I improvements for <br />which guarantee is provided for in item #11 of this Agreement.. <br /> <br />Re~_uirements after Street Surfacing. After the street surfacing is installed, <br />the DEVELOPER B shall clear any soil, earth, or debris from the streets and <br />from the lots within the Plat resulting from any construction on the Subject Property <br />by the DEVELOPER B or their successors and assigns. <br /> <br />Stage I Improvements . Comr~letion Date, The Improvement completion <br />date shall be on or before November 15, 1994. <br /> <br />~qtage ] Improvement Financial Guarantee. DEVELOPER B agrees and <br />understand that the CITY has the right, privilege and authority pursuant to <br />Minnesor. a Statutes Chapter 462.358 and as amended as a condition precedent to the <br />approval of the plans and specifications and approval of a final plat, to prescribe <br />requirements and the extent to which, and the manner in which the streets are to be <br />graded or improved, and the installation of sewer and water and other facilities and <br />that the DEVELOPER B shall provide a financial guarantee to the CITY to <br />provide for the actual construction and installation of the required Stage I <br />Improvements within a period specified by the City Council. <br /> <br />DEVELOPER B shall prov/de a financial guarantee to the CITY guaranteeing the <br />construction of the Stage I Improvements and their timely completion. The <br />financial guarantee shall be in the amount of Three Hundred Fifty Thousand Dollars <br />and no cents ($350,000.00), which amount is 125% of the City Engineer's <br />estimated cost of the Stage I Improvements. The financial guarantee required by <br />this Paragraph shall be in the form of cash or a Letter of Credit, approved as to <br />form by the CITY. The financial guarantee requh-ed by this Paragraph shall be <br />deposi{ed with the CITY at the time of execution of this contract. Upon total <br />completion of Stage I Improvements, acceptance by CITY, and supported by lien <br />?,'aiver, DEVELOPER B can request (in writing) a total reduction in the amount <br />of the fmanciaI guarantee upon providing a maintenance guarantee. <br /> <br />Stage I Improvement Maintenance Financial Gu~r~.ntee. In addition to <br />the financial guarantee required above, DEVELOPER B shall also pro'~Sde a Stage <br />I Improvement ma/.ntenanee guarantee with the CITY. Said maintenance guarantee <br /> <br /> <br />