10-26-15-R - Laserfiche WebLink

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183371v6 6 (2) The Developer shall submit a financial surety in the amount of 125% of the estimated costs of landscaping prior to the issuance of any development permits. The financial surety shall be in the form of a letter of credit issued by a FDIC-insured Minnesota bank. The purpose of the letter of credit is to ensure that landscaping is completed in the event that the Developer defaults on this Agreement. The City will hold the letter of credit for two years after the installation of landscaping. The letter of credit should not expire during the two- year period. E. Escrow. (1) The Developer shall submit a cash escrow for site improvements, including grading, utilities, and paving, in the amount of $20,000 prior to the issuance of any development permits. The escrow will be used for City costs related to review, approval, and inspection of site improvements or any costs incurred by the City in the event of a default by Developer. If at any time during the course of construction on the project the amount in the account is reduced to below $5,000, the Developer shall replenish the account to not less than $20,000. In the event there is a failure to replenish the account in accordance with the terms of the Agreement, the City has the right to withhold the issuance of a Certificate of Occupancy until the deficiency is paid. Upon completion of the project, payment of all outstanding bills and satisfaction of this Agreement, the City shall refund the remainder of the account to the Developer. (2) The Developer shall submit a cash escrow in the amount of 25% of the estimated costs of landscaping prior to the issuance of any development permits. The escrow will be held by the City for two years after installation of landscaping and used for City costs related to review, approval, and inspection of landscaping, or default by Developer.