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• r <br /> Ir. Permits— Prior to the start of any construction, the developer's contractor shall <br /> apply for and receive all necessary permits for the Improvements from the City <br /> and/or government agencies having jurisdiction. Site grading shall not commence <br /> until a land alteration permit has been issued. Developer is advised that an <br /> erosion control permit must be obtained from the Minnehaha Creek Watershed <br /> District as well as the required NPDES construction site permit, before <br /> commencing any grading activity on the site. <br /> hI <br /> F. ConstructiQn—The construction,installation and materials shall be in accordance <br /> with the Plans approved bythe City. <br /> G. jig — The City, through its staff and/or consultants, shall inspect the <br /> installation of the Improvements to ensure compliance with the Plans. The cost of <br /> such inspections will be paid by the Developer and are anticipated to be <br /> approximately$5,000.00 to $10,000.00 but could exceed these amounts if major <br /> problems arise. An escrow account in the amount of$15,000 to cover the costs of <br /> inspection shall be established with•.the City by the Developer. <br /> H. Insurance—The Developer will cause each person who constructs and installs any <br /> portion of the Improvements to maintain complete insurance coverage including <br /> Workmen's Compensation, Liability and Property Damage (with coverages <br /> consistent with industry standards). <br /> 8. Performance Security. For the purposes of assuring to the City that the Improvements <br /> will be completed according to the terms of this Agreement,and that the Developer will <br /> pay or will cause to have paid all claims for work done and materials and supplies <br /> furnished, the Developer or its general contractor will deposit with the City prior to <br /> issuance of site grading and building permits an irrevocable letter of credit(LOC)from <br /> a local(Twin Cities area)financial institution in a form satisfactory to the City,providing <br /> that the City is able to draw upon such letter of credit in its sole discretion to complete the <br /> Improvements if the Developer fails to satisfactorily complete the work prior to the <br /> completion date specified in Section seven (7) above. Further, if the requited <br /> improvements are not completed at least thirty (30) days prior to the expiration of the <br /> LOC, the City may also draw on the LOC. If the security is drawn down, the draw shall <br /> be used to cure the default. <br /> The amount of the LOC shall be 150% of the estimated improvement costs. The <br /> estimated improvement cost is $713,723.75; therefore, the LOC amount shall be <br /> $1,070,585.63. As substantial elements of the Improvements are completed and <br /> approved by the City Engineer, the City will authorize reduction of the LOC in an <br /> amount equal to 150%of the cost estimate for that phase of the improvements deemed <br /> complete,but in no case shall the LOC be reduced to a point less than 10%of the original <br /> amount until all Improvements are complete and accepted by the City. The LOC shall <br /> expire no sooner than one year after the completion date specified in Section 7 above, to <br /> allow for at least one freeze thaw cycle for parking lot settlement Security to ensure <br /> survival of landscaping vegetation shall be retained for eighteen (I8) months after <br /> planting. <br /> Developer Initial <br /> City Clerk Initial <br /> Page 5 of 9 <br />