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described improvements (hereinafter collectively called the "(mprovements"), as <br />referenced in the street/utility plans and specifications that has been prepared by the City <br />and/or the City's ! Consulting Engineer and adopted by the City Council shall be <br />constructed and in‘talled by the City to serve the Subdivision on the terms and conditions <br />herein set forth: <br />1. Stre t grading, graveling and stabilizing, including construction of berms and <br />bout yards (hereinafter called "Street Improvements"); <br />2. Stor sewers, When determined to be necessary by the City Engineer, <br />inclu ing all necessary mains, catch basins, inlets and other appurtenances <br />(hereinafter called "Storm Sewer Improvements");. <br />3. . San' ry sewer mains, laterals or extensions, including all necessary building <br />servi es and other appurtenances (hereinafter called "Sanitary Sewer <br />Impr vements"); <br />4. Wat rmains, laterals or extensions, including all necessary building services, <br />hydr nts, valves and other appurtenances (hereinafter called Waten-nain <br />ImpRivements");. <br />5. Permanent street surfacing, sidewalks/trails (when required) including <br />conc -ete curb and gutter (hereinafter called "Permanent Street <br />Impivvements"). Permanent street surfacing shall include the costs <br />asso-lated with the first seal coat for the new streets. Cost shall be adjusted <br />annually by City Code Fee Schedule. <br />6. Stamfard street name signs at all newly opened intersections (hereinafter <br />called "Traffic Signing (mprovements"). The City shall design the street sign <br />layoc t. <br />7. a. Construction Procedures. All such improvements set out in Paragraph <br />A.1-E, above shall be instituted, constructed and financed as follows: The <br />City shall commence proceedings pursuant to Minnesota Statute 429 <br />providing that such improvements be made and assessed against the <br />bene 'ited properties. After preparation of preliminary plans and estimates by <br />the City Engineer, an improvement hearing, if required by law, will be called <br />by the City Council for the purpose of ordering such improvements. After <br />prep' 'ration of the final plans and specifications by the City Engineer, bids <br />will e taken by the City and contract awarded for the installation of <br />impr vements under the City's complete supervision. <br />b. 3ecuritv, Levy of Special Assessments and. Required Payment <br />Thor for. Prior to the awarding of the bid by the City Council of said <br />impr vements, the Developer shall provide to the City a cash escrow or <br />irrevocable letter of credit in an amount equal to one hundred five percent <br />(105%) of the total estimated cost of said improvements per the approved <br />-6- <br />