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Fiji Cube Site Performance Agreement page 6 of 11 <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 <br />completed improvements at the time of the requested reduction. <br />The Developer may make such requests three times throughout the <br />life of this agreement, with the third and/or final request being at the <br />completion of the project. The City will respond to such request <br />within 30 days time. Prior to the final acceptance of the <br />Developer’s Improvements the City shall require a Letter of Credit <br />or Cash Escrow to cover the warranty provisions of the agreement. <br />The amount shall be agreed to by the City Engineer and Developer <br />and Developer may use the Letter of Credit discussed in Section <br />VI.A above. <br /> <br />VII. REIMBURSEMENT OF COSTS. <br /> <br />A. The Developer agrees to establish a non-interest bearing escrow <br />account with the City in an amount established by the City Engineer <br />or his designee for the payment of all City fees and costs incurred <br />by the City related to the On-site Work, including, but not limited to, <br />the following: <br /> <br />1. Site Plan Review Fee $5,500 <br />2. Administration <br />(Legal, Engineering, Planning and Contract Administration) $23,900 <br />3. Negative Short Term Escrow Balance $0 <br /> Total Estimated (Budget) Costs for Escrow Account $29,400 <br /> <br />B. If it appears that the actual costs incurred will exceed the estimate <br />or that the actual costs incurred will be less than the estimate, then <br />Developer and City shall review the costs required to complete the <br />project. In such case, if the actual costs exceed the estimate, then <br />Developer shall promptly pay the additional sums to the City to pay <br />for the agreed upon increase. However, in such case where the <br />actual costs are less than the estimate, the City shall promptly <br />reimburse to Developer any amounts overpaid by the Developer. <br />The Developer may request a statement of the account each month <br />for review. <br /> <br />C. Intentionally Deleted. <br /> <br />VIII. REMEDIES FOR BREACH. <br /> <br />A. The City shall give prior written notice to the Developer of any <br />default hereunder before proceeding to enforce such financial <br />guarantee or before the City undertakes any work for which the City <br />will be reimbursed through the financial guarantee. If within twenty <br />96