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• <br /> required landscaping. The amount of the security shall be$768.750.00. The amount of the security <br /> includes all of the security requirements set forth in this Contract, and was calculated as follows: <br /> CONSTRUCTION COSTS: <br /> Erosion Control and site stabilization $39,000.00 <br /> Landscaping $50,000.00 <br /> Improvements (Road and utilities) <br /> Earthwork $122,000 <br /> Utilities $181,000 <br /> Street $198,000 <br /> Rain Garden $ 22,000 <br /> Total $523,000.00 <br /> Lot Corners/Iron Monuments $ 1,000.00 <br /> Construction Observation $ 2,000.00 <br /> TOTAL COSTS $ 615,000.00 <br /> TOTAL SECURITIES (Total Costs X 125%) $ 768,750.00 <br /> The bank shall be subject to the approval of the City Administrator. The City may draw down the <br /> security, upon five (5) business days' prior written notice to Developer, for any violation of the <br /> terms of this Contract. Amounts drawn shall not exceed the amounts necessary to cure the default. <br /> If the Improvements are not completed at least thirty(30)days prior to the expiration of the security, <br /> the City may also draw it down. If the security is drawn down, the proceeds shall be used to cure <br /> the default. Upon receipt of proof satisfactory to the City that work has been completed and <br /> financial obligations to the City have been satisfied,with City approval the security may be reduced <br /> from time to time by ninety percent(90%)of the financial obligations that have been satisfied. Ten <br /> percent (10%) of the amounts certified by the Developer's engineer, and approved by City's <br /> Engineer, shall be retained as security until all Improvements have been completed, all financial <br /> obligations to the City satisfied,the required"as constructed" Plans have been received by the City, <br /> a warranty security is provided,and the public Improvements are accepted by the City Council.The <br /> 12 <br /> 278322 <br /> 218300v1 <br />