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engineering administration will include monitoring of construction observation, consultation with <br /> Developer and its engineer on status or problems regarding the project, coordination for final <br /> inspection and acceptance, project monitoring during the warranty period, and processing of <br /> requests for reduction in the "security." Fees for this service shall be at standard hourly rates. <br /> These fees shall be billed monthly. <br /> Contemporaneously with the execution of this Contract, the Developer shall deposit <br /> $10,000 cash with the City ("Escrow"). All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. The purpose of the Escrow <br /> is to guarantee reimbursement to the City for all out-of-pocket costs (including, but not limited <br /> to, planning, engineering oversight, or legal consultant review) the City has incurred or will <br /> incur related to the Development and for all out-of-pocket costs the City has incurred or will <br /> incur to assure that the work is completed in accordance with the Stormwater Pollution <br /> Prevention Plan and the provisions of Orono City Code Chapter 79. The Escrow may also be <br /> used by the City to eliminate any hazardous conditions associated with the work and to repair <br /> any damage to public property or infrastructure that is caused by the work associated with this <br /> Contract, if compliance with the terms of this Contract are not accomplished. As the City <br /> receives consultant bills for incurred costs, the City will in turn send a bill to the Developer. <br /> The Developer shall be responsible for payment to the City within 30 days of the Developer's <br /> receipt of bill. In the event that the Developer does not make payment to the City within the <br /> timeframe outlined in this Section, the City may immediately draw from the escrow account <br /> without further approval of the Developer to reimburse the City for eligible expenses the City <br /> has incurred. If the bala.nce of the escrow account is insufficient to reunburse the City its costs <br /> under this Section, the Developer will promptly reimburse the City any additional costs. If the <br /> g <br /> Southways V3 <br />