2009-06-10 CC Packet - Laserfiche WebLink

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assigns. Prior to any construction on the Plat, the Developer shall identify in writing a responsible party for erosion control, street cleaning, and street sweeping. During such times as construction activity is active, developer or his agent shall frequently inspect streets and make sure that they are swept of dirt and debris. 15. CITY ENGINEERING, ADMINISTRATION AND CONSTRUCTION OBSERVATION. Before the City signs the final Plat, the Developer shall reimburse the City for all of the City's out-of-pocket expenses incurred up to the date of executing this Agreement, including expenses incurred for legal, planning and engineering services. Furthermore, before the City signs the final Plat, the Developer shall deposit with the City a $10,000 cash escrow for the City's future out-of-pocket expenses for legal, planning, engineering, development agreement compliance and inspection sen:ices. The Developer agrees that the City has the right to request additional deposits from time to time based on the City's estimates of future out-of- pocket costs. 16. SECURITY. To guarantee compliance with all of the terms of this Agreement, including payment of real estate taxes, including interest and penalties, payment of the costs of all Public Improvements, and construction of all Public Improvements, the Developer shall furnish the City with a Letter of Credit in the form attached hereto as Exhibit B, from a bank or other financial institution acceptable to the City ("Security") for $$ 962,606.00. The amount of the Security was calculated as follows: CONSTRUCTION COSTS: 1. Cost of Private Improvements, description: a. Lot access - gravel & silt fencing 28 Lots @ $500.00 each $14,000.00 b. Snowplow service of streets approximately 20 @ $100.00 $2,000.00 c. Shade trees (balled and burlapped) ;; per lot or 1 per comer lot (66 Total) at $225.00 per tree $14,850.00 Q:\Agreements\Pheasant Marsh 3\Pheasant Marsh 3rd Addition Vl5.doc Page 8