04/28/2003 Council Packet - Laserfiche WebLink

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2. Reduction of Escrow Guarantee. The Developer shall be entitled to a reduction of the Letter of Credit, or cash deposit based on prepayment or the value of the completed improvements at the time of the requested reduction. The amount of reduction will be reasonably determined by the City Engineer. REIMBURSEMENT OF COSTS The Developer agrees to establish a noninterest bearing escrow account with the City in an amount established by the City Engineer or his designee for the payment of all costs incurred by the City related to the development and improvement of the site and Developer improvements, including, but not limited to, the following: 1. Administration (Planning, Engineering, Legal, etc.) $1,500.00 2. Sanitary Sewer Trunk unit charge ($984 per SAC unit) estimated. $4,920.00 3. Water Trunk unit charge ($1,588 per SAC unit) estimated. $7,940.00 Total Estimated (Budget) Costs for Escrow Account $14,360 If the above escrow amounts are insufficient, the Developer shall make such additional deposits as required by the City. The City shall have a right to reimburse itself from the Escrow. REMEDIES FOR BREACH The City shall give prior notice to the Developer of any default hereunder before proceeding to enforce such financial guarantee or before the City undertakes any work for which the City will be reimbursed through the financial guarantee. If within ten (10) days after such notice to it, the Developer has not notified the City in writing of its intention to cure the default within 10 days thereafter (or such longer period as may be reasonably required to cure the default if such cure cannot reasonably be completed within such 10 -day period), the City may proceed with the remedy it deems appropriate.