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E. Penni - Prior to the start of any construction, the developer's contractor shall <br />apply for and deceive all necessary permits for the lmpravcrnents from the City <br />and/or government agencies having jurisdiction. Site grading shall not commence <br />until a land alteration permit bas been issued. Developer is advised that an <br />erosion control permit must be obtained from the Minnehaha Creek Watershed <br />District as well as the required NPDES construction site permit, before <br />commencing any grading activity on the site. <br />F. Construction — The construction, installation and materials shall be in accordance <br />with the Plans approved by the City. <br />G. jupid — The City, through its staff and/or consultants, shall inspect the <br />installation of the Improvements to ensure compliance with the Plans. The cost of <br />such inspections will be paid by the Developer and are anticipated to be <br />approximately $5,000.00 to $10,000.00 but could exceed these mounts if major <br />problems arise. An escrow account in the amount of $15,000 to cover the costs of <br />inspection shall be established with the City by the Developer. <br />H, Insurance — The Developer will cause each person who constructs and installs any <br />portion of the Improvements to maintain complete insurance coverage including <br />Workmen's Compensation, Liability and Property Damage (with coverages <br />consnt with industry standards). <br />8. Performance Security, For the purposes of assuring to the City that the Improvements <br />will be completed according to the terms of this Agreement, and that the Developer will <br />pay or will cause to have paid all claims for work done and materials and supplies <br />furnished, the Developer or its general contractor will deposit with the City prior to <br />issuance of site grading and building permits an irrevocable letter of credit (LOC) from <br />a local (Twit, Cities area) financial institution in a form satisfactory to the City, providing <br />that the City is able to draw upon such letter of credit in its sole discretion to complete the <br />Improvnerrts if the Developer fails to satisfactorily complete the work prior to the <br />completion date specified. in Section seven (7) above. Further, if the required <br />improvernem are not completed at last thirty (30) days prior to the expiration of the <br />LOC, the City may also draw on the LOC. If the security is drawn down, the draw shall <br />be used to cure the default. <br />The amount of the LOC shall be 1500A of the estimated improvement costs, The <br />estimated improvement cost is $713,723.75; therefore, the LOC amount shall be <br />$1,470,585.63. As substantial elements of the Improvements are completed and <br />approved by the City Engineer, the City will authorize reduction of the LOC in an <br />amount equal to 154°'16 of the cost estimate for that phase of the improvements deemed <br />complete, but in no case shall the LOC be reduced to a point less than 10% of the original <br />amount until all Improvements are complete and accepted by the City. The LOC shall <br />expire no sooner than one year after the completion daze specified in Section 7 above, to <br />allow for at least one fi ftw cycle for parking lot settlement. Security to ensure <br />survival of landscaping vegetation shall be retained for eighteen (18) months after <br />planting. <br />Developer Initial (� <br />City Clerk Initial <br />Page s or 9 <br />