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02-08-21-R
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02-08-21-R
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2/4/2021 3:31:14 PM
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<br /> 12 <br />212751v1 <br />thirty (30) days prior to their expiration. The City may draw down the security, upon five (5) business <br />days prior written notice to Developer, for any violation of the terms of this Agreement. Amounts drawn <br />shall not exceed the amounts necessary to cure to the default. If the security is drawn down, the proceeds <br />shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has been <br />completed and financial obligations to the City have been satisfied in accordance with approved plans, the <br />security shall be reduced from time to time by ninety percent (90%) of the financial obligations that have <br />been satisfied. Ten percent (10%) of the amounts certified by the Developer's engineer shall be retained as <br />security until all improvements have been completed and all financial obligations to the City satisfied. <br />The City standard specifications for utilities and street construction outline procedures for security <br />reductions. <br /> 30. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash <br />requirements under this Agreement which must be furnished to the City at the time of final plat approval <br />and execution of this Agreement by the City: <br /> Engineering, City Administration <br /> Engineering Expenses (Section 19) escrow $4,500.00 <br /> Sanitary Sewer Trunk Charge $137,589.60 <br /> Water Trunk Charge $68,258.70 <br /> Storm Sewer Charge $ Direct Charges <br /> Park Dedication and Improvements $230,910.00 <br /> Landscaping Security $50,000.00 <br />Total Cash Requirements $491,258.30 <br />The City is implementing a pass through billing process. The $491,258.30 escrow will be held and all <br />bills will be forwarded for immediate payment. If payments are not made in a timely fashion, the project <br />will stop until payments are made. If said fees are less than estimated, the City shall reimburse the <br />Developer within thirty (30) days of receipt of final invoices. <br /> <br />
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