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shall be in the amount of $104,550.00, which amount represents 150% of the estimated oost of constructing the streets as deter- mined by the City Engineer. In addition, the Developer shall cause the conveyance to the City of all drainage easements over the entire plat including Outlots F and G as required by the City Engineer. b. Petition for Local Improvement City acknowledges that it has received, as of November 9, 1984, a petition from 100% of the abutting land owners of the above described streets, requesting that the City implement and complete the design and construction of the above named streets. City acknowledges, and Developer acknowledges, that no final action by the City pursuant to this request can be taken prior to early 1985, but that if the City Council at that time acts favorably upon the petition, and determines to proceed with said project, assessing the cost thereof against the abutting properties, then in that event, the Developers shall be released of their obligation to post the security required in paragraph 2a above, but shall post such alternative security as is required by the City Code pursuant to the issuance of any general obligation bonds to pay for the cost of construction, or other requirements, if applicable. 3. Conveyance of Golf Course Land a. No. Park Land. Dedication Fee It~being acknowledged that the proposed plat of Rum River Hills contains over 100 acres of land to be utilized as a public golf course, and said circumstance being unique to a plat in the City of Ramsey, the park land dedication fee shall be waived. b. Vaca_tion or.Park ~he City acknowledges that it has, I I I I ! I I I I ! I I i I I ! I I