09-14-2020-R - Laserfiche WebLink

Home Browse Search

CONSTRUCTION COSTS: Storm Sewer/Drain tile $100,000.00 Erosion Control/Grading Certification $250,000.00 Streets $225,500.00 Sidewalk $75,000.00 CONSTRUCTION SUB-TOTAL $650,000.00 OTHER COSTS: Lot Corners/Survey Monuments $4,500.00 OTHER COSTS SUB-TOTAL $4,500.00 TOTAL SECURITIES: $654,500.00 GRAND TOTAL SECURITIES (125%) $818,125.00 This breakdown is for historical reference;it is not a restriction on the use of the security. The bank shall be subject to the approval of the City Administrator. The security shall be for a term ending November 30, 2021. Individual security instruments may be for shorter terms provided they are replaced at least thirty(30) days prior to their expiration. The City may draw down the security,upon five (5)business days prior written notice to Developer,for any violation of the terms of this Agreement.Amounts drawn shall not exceed the amounts necessary to cure to the default. If the security is drawn down,the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has been completed and financial obligations to the City have been satisfied in accordance with approved plans,the security shall be reduced from time to time by ninety percent(90%)of the financial obligations that have been satisfied.Ten percent(10%)of the amounts certified by the Developer's engineer shall be retained as security until all improvements have been completed and all financial obligations to the City satisfied. The City standard specifications for utilities and street construction outline procedures for security reductions. 30. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash requirements under this Agreement which must be furnished to the City at the time of final plat approval and execution of this Agreement by the City: 11 211449v2