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6 20160411Rice Lake Elementary Addition Site Performance Agreement.doc page 4 of 8 <br />right to draw, in whole or in part, on any portion of the Irrevocable Letter <br />of Credit for the purpose of guaranteeing the terms and conditions of this <br />contract, if Developer has been found to be in default of this agreement <br />and only after providing Developer with written notice and opportunity to <br />cure any default. The Irrevocable Letter of Credit shall be automatically <br />extended for additional periods of one year from present or future <br />expiration dates unless sixty (60) days prior to such the City Clerk or <br />Administrator is notified in writing by certified mail or overnight mail that <br />the Letter of Credit will not be renewed. <br /> <br />B. Upon written request, The City will grant a reduction of the Letter of <br />Credit, or cash deposit based on prepayment or the value of the completed <br />improvements at the time of the requested reduction. The Developer may <br />make such requests three times throughout the life of this agreement, with <br />the third and/or final request being at the completion of the project. The <br />City will respond to such request within 30 days time. Prior to the final <br />acceptance of the Developer’s Improvements the City shall require a <br />Letter of Credit or Cash Escrow to cover the warranty provisions of the <br />agreement. The amount shall be agreed to by the City Engineer and <br />Developer and Developer may use the Letter of Credit discussed in <br />Section V.A above. <br /> <br />VI. REIMBURSEMENT OF COSTS. <br /> <br />A. The Developer agrees to establish a non-interest bearing escrow account <br />with the City in an amount established by the City Engineer or his <br />designee for the payment of all City fees and costs incurred by the City <br />related to the On-site Work, including, but not limited to, the following: <br /> <br />1. Site Plan Review Fee $1,500 <br />2. Administration (Legal, Engineering, Planning, and Contract administration) $3,500 <br />3. Sanitary Sewer Trunk Unit Fee (16 units @ $3,073 per unit) $49,168 <br />4. Water Trunk Unit Fee (16 units @ $4,069 per unit) $65,104 <br />5. Surface Water Management Fee $1,417 <br /> Total Estimated (Budget) Costs for Escrow Account $120,689 <br /> <br /> <br />B. If it appears that the actual costs incurred will exceed the estimate or that <br />the actual costs incurred will be less than the estimate, then Developer and <br />City shall review the costs required to complete the project. In such case, <br />if the actual costs exceed the estimate, then Developer shall promptly pay <br />the additional sums to the City to pay for the agreed upon increase. <br />However, in such case where the actual costs are less than the estimate, <br />the City shall promptly reimburse to Developer any amounts overpaid by