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that all irons for a specific parcel/lot/outlot have either been found or set prior to the issuance of a building permit for that specific parcel/lot/outlot. M. The Developer shall pay a cash fee for the preparation of record construction drawings and City base map updating of$2,142.42. 24. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this agreement, payment of the costs of all public and private improvements, and construction of all public and private improvements, the Developer shall furnish the City with a letter of credit, in the form attached hereto or such other form as is acceptable to the City, from a bank ("security") for $666,877.42, which is 150% of the improvement costs; plus a cash escrow of $30,000.00 for City engineering administration and any legal fees incurred by the City at the time of building permit. The amount of the security is calculated per the City Engineer's estimate and other items as follows: CONSTRUCTION COSTS: Parking Lot, Grading, Landscaping $ 328,210.00 Sanitary Sewer 35,500.00 Watermain 49,330.00 Storm Sewer 15,450.00 CONSTRUCTION COST SUB-TOTAL $ 428,490.00 TOTAL CONSTRUCTION COSTS X 150% $ 642,735.00 OTHER COSTS: Erosion Control Security $ 10,000.00 Wetland Buffer Security 12,000.00 City Base Map Updating 2,142.42 TOTAL OTHER COSTS $ 24,142.42 TOTAL PROJECT SECURITIES: $ 666,877.42 This breakdown is for historical reference; it is not a restriction on the use of the security. The bank shall be subject to the approval of the City Administrator. The City may draw down the security for any uncured violation of the terms of this Contract or if the security is allowed to lapse prior to the end of the required term. If the required public improvements are not completed at least thirty (30) days prior to the expiration of the security, the City may also draw it down. If the security is drawn down, the proceeds shall be used to 11 ORONO/Orono Senior Housing Project No. 11-3498 (875 Wayzata Boulevard)