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<br />10 <br /> <br />220299v4A <br />CONSTRUCTION COSTS: <br /> Erosion Control and site stabilization $ 44,227.00 <br /> Landscaping $ 17,800.00 <br /> Improvements $180,900.00 <br /> Lot Corners/Iron Monuments $ 2,000.00 <br /> TOTAL COSTS $244,927.00 <br /> TOTAL SECURITIES (Total Costs X 125%) $306,158.75 <br />The bank shall be subject to the approval of the City Administrator. The bank shall be authorized to do business in <br />the State of Minnesota, and shall provide a Minnesota office for presentment of the Letter of Credit or other <br />alternative acceptable to the City. The Security shall extend through completion and acceptance (including the <br />expected warranty period) by the City of the Development Work. The City may draw down the security, upon five <br />(5) business days’ prior written notice to Developer, for any violation of the terms of this Contract. Amounts drawn <br />shall not exceed the amounts necessary to cure the default. If the Improvements are not completed at least thirty <br />(30) days prior to the expiration of the security, the City may also draw it down. If the security is drawn down, the <br />proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has been <br />completed and 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 percent (10%) <br />of the amounts certified by the Developer's engineer, and approved by City’s Engineer, shall be retained as security <br />until all Improvements have been completed, all financial obligations to the City satisfied, the required "as <br />constructed" Plans have been received by the City, a warranty security is provided, and the public Improvements <br />are accepted by the City Council. The City standard specifications for utilities and street construction outline <br />procedures for security reductions. <br /> 27. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash <br />requirements and fees due under this Contract, which must be paid in cash at the time of final plat approval: <br /> Engineering, City Administration (escrow) $2,500.00 <br /> Park Dedication Fee $7,415.00