10-28-2024 CC Agenda Packet - Laserfiche WebLink

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DRAFT 13 232402v15 required landscaping. The amount of the Security shall be $379.934.10. The amount of the Security includes all of the security requirements set forth in this Contract, and was calculated as follows: CONSTRUCTION COSTS: Erosion Control and site stabilization $ 20,177.50 Improvements $ 281,269.80 Lot Corners/Iron Monuments $ 2,500.00 Total Costs $ 303,947.30 Total Security (Total Costs x 125%) $ 379,934.10 The bank shall be authorized to do business in the State of Minnesota, and shall provide a Minnesota office for presentment of the Letter of Credit or other alternative acceptable to the City. The Security shall extend through completion and acceptance (including the expected warranty period) by the City of the Development Work. The City may draw down the Security, upon five (5) business days’ prior written notice to Developer, for any violation of the terms of this Contract. Amounts drawn shall not exceed the amounts necessary to cure the default. If the 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 cure the default. Upon receipt of proof satisfactory to the City that work has been completed and financial obligations to the City have been satisfied, with City approval the Security may be reduced from time to time by ninety percent (90%) of the financial obligations that have been satisfied. Ten percent (10%) of the amounts certified by Developer’s engineer, and approved by City’s Engineer, shall be retained as Security until all Improvements have been completed, all financial obligations to the City satisfied, the required “as constructed” Plans have been received by the City, a warranty security is provided, and the public Improvements are accepted by the City Council. The City standard specifications for utilities and street construction outline procedures for Security reductions. 27. Summary of Cash Requirements. The following is a summary of the cash requirements and fees due under this Contract, which must be paid in cash at the time of Final Plat approval: 161