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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 />VII. REIMBURSEMENT OF COSTS. <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 />1 . <br />Site Plan Review Fee <br />$5,500.00 <br />2 <br />Administration <br />(Legal, Engineering, Planning and Contract Administration) <br />$8 900.00 <br />3. <br />Negative Short Term Escrow Balance <br />$0.00 <br />Total Estimated (Budget) Costs for Escrow Account <br />$14,400.00 <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 />C. Intentionally Deleted. <br />VIII. REMEDIES FOR BREACH. <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 />(20) days after receipt of such written notice to it, the Developer has <br />not notified the City by stating in writing the manner in which the <br />default will be cured and the time within which such default will be <br />cured, the City will proceed with the remedy it deems reasonably <br />appropriate. <br />416 Lilac Street Site Performance Agreement page 6 of 11 <br />