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18. CITY ENGINEERING ADMINISTRATION AND CONSTRUCTION <br />OBSERVATION. Developer shall, contemporaneously with the execution of this Contract, <br />maintain an escrow account with the City of $10,000 to cover the cost of engineering fees and <br />construction observation, legal fees, planning fees, administrative expenses and other costs related <br />to this Development. City engineering administration will include monitoring of construction <br />observation, consultation with Developer and its engineer on status or problems regarding the <br />project, coordination for final inspection and acceptance, project monitoring during the warranty <br />period, and processing of requests for reduction in the "security." Fees for this service shall be at <br />standard hourly rates. These fees shall be billed monthly. All fees and costs incurred by the City in <br />connection with this Development shall be charged against said escrow account which shall remain <br />in effect until the completion of this Development. Any funds remaining in the escrow accounts <br />after the completion of this Development shall be refunded to the Developer. In the event that the <br />escrow account herein is depleted, Developer agrees that upon request of the City, Developer shall <br />post additional sums of money to replenish the accounts to their original balance to cover projected <br />City costs as determined by the City. Developer agrees that the escrow account shall always have a <br />balance of no less than $1,000.00. Developer shall be entitled, upon request, to an itemized <br />statement of all costs and fees charged against this escrow account. Developer shall pay all fees <br />relating to the Development including, but not limited to, legal, engineering, planning, and <br />recording fees. <br />Through previous applications, LA18-000072 ($1,000) and LA18-000092 ($3,200), and this <br />application ($5,000), the Developer has provided the City escrow funds in the amount of $9,200. <br />19. CLAIMS. In the event that the City receives claims from labor, material, or others <br />that work required by this Contract has been performed, the sums due them have not been paid, and <br />7 <br />