09-08-1999 Council Agenda - Laserfiche WebLink

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expended in conjunction with this project are expected to equal two and one half percent (2.5 %) of the construction cost of this project as documented by the initial contract. Said fee can be increased or reduced at the sole discretion of the City should staff time required vary dramatically from this estimate. Billing will be on a flat percentage basis as deemed appropriate by the City. Simultaneous with the execution of this Development Agreement, the Developer agrees to deposit the sum of Five 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 Page 44