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obligations to the City satisfied, the required "as constructed" Plans have been received by the City, a <br /> warranty security is provided, and the public Improvements are accepted by the City Council. The City <br /> standard specifications for utilities and street construction outline procedures for security reductions. <br /> 26. SUMMARY OF CASH REQUIREMENTS AND FEES. The following is a summary <br /> of the cash requirements and fees due under this Contract, which must be paid in cash at the time of final <br /> plat approval and execution of this Contract by the City: <br /> Engineering, City Administration(escrow) $ 20,000.00 <br /> Park Dedication Fee $255,300.00 <br /> Storm Water and Drainage Trunk Fee $195,010.00 <br /> Total Cash Requirements &Fees $49Q,310.00 <br /> 27. WARRANTY. The Developer warrants all Improvements against poor material and <br /> faulty workmanship. The warranty period for streets is two years. The warranty period for underground <br /> utilities is two years and shall commence following completion and acceptance by the City Council. The <br /> two year warranty period on streets shall commence after the final wear course has been installed. The <br /> Developer shall post a maintenance bond,letter of credit or cash deposit(the"Maintenance Security")in an <br /> amount reasonably determined by the City Engineer. The City Engineer shall examine the condition of the <br /> Improvements when determining the amount of the Maintenance Security. The City shall retain ten percent <br /> (10%) of the security until the Maintenance Security is furnished the City or until the warranty period <br /> expires, whichever first occurs. The retainage may be used to pay for warranty work. The City standard <br /> specifications for utilities and street construction identify the procedures for final acceptance of streets and <br /> utilities. <br /> 28. RESPONSIBILITY FOR COSTS. <br /> A. Except as otherwise specified herein, the Developer shall pay all costs incurred by <br /> it or the City in conjunction with the development of the Land, including but not limited to Hennepin <br /> County Environmental Services and Minnehaha Creek Watershed District charges, legal, planning, <br /> engineering and inspection expenses incurred in connection with approval and acceptance of the Plat, the <br /> preparation of this Contract, review of construction plans and documents, and all costs and expenses <br /> incurred by the City in monitoring and inspecting development of the Land. <br /> B. The Developer shall hold the City and its officers, employees, and agents harmless <br /> from claims made by itself and third parties for damages sustained or costs incurred resulting from Plat <br /> approval and development of the Land. The Developer shall indemnify the City and its officers,employees, <br /> and agents for all costs, damages, or expenses which the City may pay or incur in consequence of such <br /> claims,including attorneys' fees. <br /> 180976 6/22/15 mpg 11 <br />