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Thousand and No /100 Dollars ($5,000.00) with the City as a deposit towards costs to be incurred. The funds deposited with the City shall be applied towards the payment of costs incurred by the City as set forth above. To the event that the balance of funds on deposit with the City totals less than One Thousand and No /100 Dollars ($1,000.00), the Developer shall deposit additional funds as necessary to increase the balance to Five Thousand and No /100 Dollars ($5,000.00) within ten (10) days of notice by the City. To the extent that the funds deposited are insufficient to satisfy the costs incurred by the City, any additional costs shall be paid within ten (10) days of billing by the City. All costs shall be paid within ten (10) days of billing by the City. If the project is not completed to the satisfaction of the City Engineer, the funds deposited pursuant to this paragraph may be used by the City to satisfy costs of restoration or repair, or to satisfy any other costs incurred by the City due to Developer's failure to complete the project. 12. Grading and Drainage Plans. The Developer shall complete a drainage and grading study as required for subdivision approval and furnish said study to the City Engineer. Said study must be approved by the Ramsey - Washington Watershed District including the completion of the Municipal Coordination Checklist. It is also understood that erosion control must be such that drainage to adjacent property is prevented and surface water run- off is properly controlled. The Developer agrees to comply with any and all requirements for erosion control directed by the Ramsey- Washington Watershed District and /or the City in a timely manner. 13. Park Dedication Requirements. a. It is understood that park dedication fees pursuant to current City ordinance will be payable at the time of building permit application. No building permit will be issued until this fee is paid. 14. Additional Requirements. a. The Developer shall comply with the Little Canada landscaping ordinance. b. Through this Development Agreement, Developer acknowledges responsibility for performance pursuant to the Agreements between Owner /Applicant and City of Little Canada as to Costs, dated November 20, 2001 executed by Mark Gossman, attached and incorporated herein as Exhibit "B ". All unexpended I- I:AKrisPACORRESPAKri 002VLC Office Park Development Contract.doc -4- PAGE 11