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<br />229446v1 <br />4476897.v2 <br />provided, and the public improvements are accepted by the City Council. The City’s standard specifications <br />for utility and street construction outline procedures for security reductions. <br /> 24. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash <br />requirements under this Contract which must be furnished to the City prior to the Mayot signing the final plat: <br />A. Park Dedication $ 74,055.63 <br />B. City Engineering Administration $ 56,000.00 (5% of public improvement costs) <br />C. Sewer Extension Fee $ 297,990.00 <br /> TOTAL CASH REQUIREMENTS $ 428,045.63 <br /> <br /> 25. WARRANTY. The Developer warrants all improvements required to be constructed by it <br />pursuant to this Contract against poor material and faulty workmanship. The warranty period for streets is two <br />years. The warranty period for underground utilities is two years and shall commence following completion <br />and acceptance by City Council. The two year warranty period on streets shall commence after the final wear <br />course has been installed and accepted by the City Council. The Developer shall post maintenance bonds or <br />a letter of credit in the amount of twenty-five percent (25%) of final certified construction costs to secure the <br />warranties. The City shall retain ten percent (10%) of the security posted by the Developer until the <br />maintenance bonds or letter of credit are furnished to the City or until the warranty period expires, whichever <br />first occurs. The retainage may be used to pay for warranty work if the Developer fails to timely perform such <br />work; provided the Developer is first given notice of the work in default not less than five (5) business days in <br />advance, except that no notice is required in an emergency as determined by the City. The City’s standard <br />specifications for utility and street construction identify the procedures for final acceptance of streets and <br />utilities. <br /> 26. RESPONSIBILITY FOR COSTS. <br />A. Except as otherwise specified herein, the Developer shall pay all costs incurred by it or the City in <br />conjunction with the development of the plat, including but not limited to Soil and Water <br />Conservation District charges, legal, planning, engineering and construction observation inspection <br />expenses incurred in connection with approval and acceptance of the plat, the preparation of this <br />Page 229 of 309