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<br />229446v1 <br />assessments, payment of the costs of all public improvements, and construction of all public <br />improvements, the Developer shall furnish the City with a cash escrow, or letter of credit, in the form <br />attached hereto, from a bank ("security") for $5,128,427.45. The amount of security was calculated as <br />follows: <br />CONSTRUCTION COSTS: <br />A. Sanitary Sewer (onsite) $1,270,435.00 <br />B. Sanitary Sewer (offsite) $122,748.35 <br />C. Watermain (onsite) $ 1,113,701.50 <br />D. Watermain (offsite) $ 113,326.00 <br />E. Storm Sewer/Draintile $ 893,504.10 <br />F. Streets $ 1,614,712.50 <br /> TOTAL SECURITIES: $ 5,128 ,427.45 <br /> <br />OTHER COST ESCROWS: <br />A. City Construction Observation (Est. 2.5%) $ 128,210.67 <br />B. Lot Corners/Iron Monuments $ 10,700.00 <br />TOTAL CASH ESCROWS: $ 134,910.67 <br /> <br /> This breakdown is for historical reference; it is not a restriction on the use of the security. The <br />bank shall be subject to the approval of the City Administrator. The City may draw down the security, on <br />ten (10) business days written notice to the Developer, for any violation of the terms of this Contract or <br />without notice if the security is allowed to lapse prior to the end of the required term. If the required <br />public improvements are not completed at least thirty (30) days prior to the expiration of the security, <br />the City may also draw it down without notice. 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 and <br />financial obligations to the City have been satisfied, with City approval the security may be reduced from <br />Page 82 of 379