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~ 4 <br />WHE?EAS, economies in the cost of constructing these sanitary <br />sewer Facilities can be realized for the benefit of Property Owner <br />if these sanitary sewer facilities are constructed in conjunction <br />with City's street improvement project; and <br />G~dEREAS, in order to avoid future disruption to traffic on <br />Peters t~venue and the undesirable appearance of a trench cut in the <br />paving of Peters. Avenue ,..City is agreeable to construct for. the <br />benefit and account of Property Owner the sanitary sewer facilities <br />needed. provided the cost of the work is borne by Property Owner; and <br />S~r:~iE?Z~,AS, Property Owner understands .that it will be his sole <br />responsibility to provide these sanitary sewer facilities prior to <br />development of his property and in order to realize the economies <br />available if these sanitary sewer .facilities are constructed at this <br />.time by City is agreeable to authorize City to construct these fac- <br />e ilit~~s for .the benefit and account of Property Owner, <br />NOW, THERr.:FrJRE, , IT IS MUTUALLY AGREED BETWEEN TI3E PARTIES <br />HERETO AS FOLLOWSs <br />1. City agrees to prepare plans and specifications for street <br />improvements to Peters Avenue including sanitary sewer <br />improvement to serve lands of Property Owner and to call <br />-for competitive bids for the construction of those street <br />improvements and sanitary .sewer facilities and to award <br />and. administer a contract for the construction of these <br />.improvement and facilities during the summer and fall of <br />1978. <br />2. Property Owner agrees to deposit with City the estimated <br />construction cost of the sanitary sewer facilities in <br />Peters Avenue that would be the normal responsibility of <br />Property Owner upon the development of its real property <br />hereinabove plus an additional ten percent of said amount <br />to cover engineering. Said deposit shall be made in the <br />amount shown on Exhibit B attached hereto and fully in- <br />corporated by reference herein and shall be paid to City <br />within 30 days of written notice by the City that a con- <br />tract has been awarded for the construction of said street <br />improvements. <br />-2- <br />