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H. The Developer shall relocate the public street and public utilities as <br />depicted on the Plat. The cost of relocation and the cost of installation of the liRstation is the <br />Developer's responsibility. The city will provide the plans and specifications of the liiistation. <br />23. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance <br />with the terms of this Contract, payment of the costs of all Improvements and construction of all <br />Improvements, the Developer shall furnish the City with a letter of credit, in the form attached <br />hereto (the "security"), from a bank for 150% of the cost of the Improvements, including any <br />required landscaping. The following is a summary of the security requirements due under this <br />Contract, which must be in place at the time of final plat approval: <br />,Category <br />Bid Amount <br />1509E <br />Landscaping <br />$ 46,185.00 <br />$ 69,277.50 <br />Common Excavating <br />$ 98,600.00 <br />$ 147,900.00 <br />Sanitary Sewer <br />$ 129,350.00 <br />$ 194,025.00 <br />Storm Sewer <br />$ 28,750.00 <br />$ 43,125.00 <br />Street <br />$ 186,500.00 <br />$ 279,750.00 <br />Erosion Control <br />$ 33,500.00 <br />$ 50,250.00 <br />Lift Station <br />$ 150,000.00 <br />$ 225,000.00 <br />Total <br />$1,009,327.50 <br />Notes <br />Includes removal/ filling of old sewer <br />Includes C15 and old road removal <br />Includes rock Ent, traffic control, and <br />mob <br />Engineers estimate <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 <br />security, the City may also draw it down. If the security is drawn down, the proceeds shall be used <br />to cure the default. Upon receipt of proof satisfactory to the City that work has been completed <br />and financial obligations to the City have been satisfied, with City approval the security may be <br />reduced from time to time by ninety percent (90%) of the financial obligations that have been <br />11 <br />5outhways V3 <br />