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H. 1'he 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 liftstation is the <br /> Developer's responsibility. The city will provide the plans and specifications of the liftstation. <br /> 23. SUMMARY OF SECURITY REQUIREMENTS. To guazantee 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 /> ,�� - �1 ,��� .� � � <br /> Landscaping $ 46,185.00 $ 69,277.50 <br /> Common Excavating $ 98,600.00 $ 147,900.00 <br /> Sanitary Sewer $ 129,350.00 $ 194,025.00 Includes removal/filling of old sewer <br /> Storm Sewer $ 28,750.00 $ 43,125.00 <br /> Street $ 186,500.00 $ 279,750.00 Includes CIS and old road removal <br /> Includes rock Ent,traffic control,and <br /> Erosion Control $ 33,500.00 $ 50,250.00 mob <br /> Lift Station $ 150,000.00 $ 225,000.00 Engineers estimate <br /> Total $ 1,009,327.50 <br /> T'he 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 nine�ty percent (90%) of the financial obligations that have been <br /> �� <br /> Southways V3 <br />