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shall also submit two complete sets of the Plat on Mylar(one copy for the City's records and one copy for <br /> recording with Hennepin County). The Developer shall also provide one copy reduced to 1"=200'. <br /> O. The Developer shall install permanent ditch check dams at all ditch outlets to <br /> provide energy dissipation prior to runoff discharge. <br /> P. The Developer shall install Bioroll check dams as necessary in ditches to reduce <br /> runoff velocities and limit erosion until vegetation is established. <br /> Q. Retaining walls that require a building permit shall be constructed in accordance <br /> with plans and specifications prepared by a structural or geotechnical engineer licensed by the State of <br /> Minnesota.Following construction,a certification signed by the design engineer shall be filed with the City <br /> Engineer evidencing that the retaining wall was constructed in accordance with the approved plans and <br /> specifications.All retaining walls required to be constructed by the Plans,or special conditions referred to in <br /> this Contract, shall be constructed before any Certificate of Occupancy is issued for a lot on which a <br /> retaining wall is required to be built. <br /> R. The Developer is advised that for all lots, the existing grade for determination of <br /> the number of stories and building height calculations for new homes, shall be based on the pre- <br /> development contours at the anticipated house locations as shown on Plan D. Developer acknowledges that <br /> no building pads are being created as part of the site improvements. <br /> S. The Developer shall provide information to the initial buyers of each lot regarding <br /> the allowed uses within the designated Conservation Area and regarding the necessity of preserving <br /> alternate mound drainfield sites. <br /> 25. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with <br /> the terms of this Contract,payment of the costs of all Improvements and construction of all Improvements, <br /> the Developer shall furnish the City with a letter of credit,in the form attached hereto (the"security"),from <br /> a bank for 150% of the cost of the Improvements, including any required landscaping. The amount of the <br /> security shall be $2,869,533.65 based on the cost estimates attached hereto as Exhibit B. The bank shall <br /> be subject to the approval of the City Administrator. The City may draw down the security, upon five(5) <br /> business days' prior written notice to Developer, for any violation of the terms of this Contract. Amounts <br /> drawn shall not exceed the amounts necessary to cure the default. If the Improvements are not completed at <br /> least thirty(30)days prior to the expiration of the security,the City may also draw it down.If the security is <br /> drawn down, the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City <br /> that work has been completed and financial obligations to the City have been satisfied, with City approval <br /> the security may be reduced from time to time by ninety percent(90%)of the financial obligations that have <br /> been satisfied. Ten percent (10%) of the amounts certified by the Developer's engineer, and approved by <br /> City's Engineer, shall be retained as security until all Improvements have been completed, all financial <br /> 180976 6/22115 mpg 10 <br />