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Agreement and approved by the City. <br />11. Responsibility for Costs. The Developer shall pay all costs in <br />conjunction with evaluation, design and construction of the improvements <br />and all costs incurred by the City relating to the preparation of this <br />Agreement, and all reasonable costs and expenses incurred by the City in <br />monitoring and inspecting the construction of the public improvements, but <br />not limited to, attorneys' fees, engineering costs, appraisals, City staff <br />time, planning costs, and administrative fees. Costs for City staff time <br />expended in conjunction with this project are expected to equal two and one <br />half percent (2.5 %) of the construction cost of this project as documented <br />by the initial contract. Said fee can be increased or reduced at the sole <br />discretion of the City should staff time required vary dramatically from <br />this estimate. Billing will be on a flat percentage basis as deemed <br />appropriate by the City. Simultaneous with the execution of this <br />Development Agreement, the Developer agrees to deposit the sum of Five <br />Thousand and No /100 Dollars ($5,000.00) with the City as a deposit towards <br />costs to be incurred. The funds deposited with the City shall be applied <br />towards the payment of costs incurred by the City as set forth above. To <br />the event that the balance of funds on deposit with the City totals less <br />than One Thousand and No /100 Dollars ($1,000.00), the Developer shall <br />deposit additional funds as necessary to increase the balance to Five <br />Thousand and No /100 Dollars ($5,000.00) within ten (10) days of notice by <br />the City. To the extent that the funds deposited are insufficient to <br />satisfy the costs incurred by the City, any additional costs shall be paid <br />within ten (10) days of billing by the City. All costs shall be paid <br />within ten (10) days of billing by the City. If the project is not <br />completed to the satisfaction of the City Engineer, the funds deposited <br />pursuant to this paragraph may be used by the City to satisfy costs of <br />restoration or repair, or to satisfy any other costs incurred by the City <br />Page 5 <br />