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229446v1 <br />will be held by the City until the Developer's land surveyor certifies that all irons have been set following <br />site grading and utility and street construction. In addition, the certificate of survey must also include a <br />certification that all irons for a specific lot have either been found or set prior to the issuance of a <br />building permit for that lot. <br />E. The Developer shall be responsible for the cost of street light installation consistent with a street lighting <br />plan approved by the City and Elk River Municipal Utilities. <br />F. The Developer is required to submit the final plat in electronic format. The electronic format shall be <br />either AutoCAD.DWG file or a .DXF file. All construction record drawings (e.g., grading, utilities, <br />streets) shall be in electronic format in accordance with standard City specifications. All constructed <br />public utilities shall be field surveyed after construction with all location, elevation, and data attributes <br />information, deliverable to the City in an approved sub-foot accurate GIS/GPS format. <br />G. Until the Improvements are accepted by the City or a written agreement expressly reached in advance, <br />the Developer is responsible for snow removal and ensuring access by Emergency Response vehicles <br />and equipment. <br />H. All mailboxes shall be clustered and in a style and location acceptable to the City. <br />I. The Developer shall convey to the City, prior to the final approval of plans and specifications and at <br />no cost to the City, all permanent and temporary easements for the installation and maintenance of <br />all Improvements determined to be necessary by the City. All such easements shall be in recordable <br />form acceptable to the City and contain such terms and conditions as the City may prescribe. <br />24. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms <br />of this Contract, payment of real estate taxes including interest and penalties, payment of special assessments, <br />payment of the costs of all public improvements, and construction of all public improvements, the Developer shall <br />furnish the City with a cash escrow, or letter of credit, in the form attached hereto, from a bank ("security") for $ <br />6,469,647.60. The security was calculated as follows: <br />CONSTRUCTION COSTS: <br />Page 74 of 299