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<br />assigns. Prior to any construction on the Plat, the Developer shall identify in writing a <br />responsible party for erosion control, street cleaning, and street sweeping. During such times as <br />construction activity is active, developer or his agent shall frequently inspect streets and make <br />sure that they are swept of dirt and debris. <br /> <br />15. CITY ENGINEERING, ADMINISTRATION AND CONSTRUCTION <br />OBSERVATION. Before the City signs the final Plat, the Developer shall reimburse the City <br /> <br />for all of the City's out-of-pocket expenses incurred up to the date of executing this Agreement, <br />including expenses incurred for legal, planning and engineering services. Furthermore, before <br /> <br />the City signs the final Plat, the Developer shall deposit with the City a $10,000 cash escrow for <br /> <br /> <br />the City's future out-of-pocket expenses for legal, planning, engineering, development <br /> <br /> <br />agreement compliance and inspection services. The Developer agrees that the City has the right <br /> <br /> <br />to request additional deposits from time to time based on the City's estimates of future out-of- <br /> <br /> <br />pocket costs. <br /> <br />16. SECURITY. To guarantee compliance with all of the tenns of this Agreement, <br /> <br /> <br />including payment of real estate taxes, including interest and penalties, payment of the costs of all <br /> <br /> <br />Public Improvements, and construction of all Public Improvements, the Developer shall furnish the <br /> <br /> <br />City with a Letter of Credit in the form attached hereto as Exhibit B, from a bank or other fmancial <br /> <br /> <br />institution acceptable to the City ("Security") for $$ 962,606.00. The amount of the Security was <br /> <br /> <br />calculated as follows: <br /> <br />CONSTRUCTION COSTS: <br />1. Cost of Private Improvements, description: <br /> <br />a. <br /> <br />Lot access - gravel & silt fencing <br />28 Lots @ $500.00 each <br /> <br />$14,000.00 <br />_ IS'~ ~ <br /> <br />L.t 1 1J1<( <br />'-ot3 e~1 <br /> <br />to+- '" &/<. L <br /> <br />b. <br /> <br />Snowplow service of streets <br />approximately 20 @$100.00 <br /> <br />$2,000.00 . <br /> <br />c. <br /> <br />Shade trees (balled and burlapped) 2. per <br />lot or 1: per corner lot (66 Total) at $225.00 per tree <br />$14,850.00 <br />I 35'O,u<' <br /> <br />to't I /31<-1 "2- <br />""b~( ~ <br />wt-i' tY< 1. "- <br /> <br />Q:\Agreements\Pheasant Marsh 3\Pheasant Marsh 3rd Addition VI5.doc <br /> <br />Page 8 <br />