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• <br />Such improvements shall be completed in accordance with Section IV <br />herein. <br />B. Cost Estimates. The Developer shall provide the City with a written <br />estimate of all applicable costs of the On -Site Work, itemized by type; the <br />estimates shall be based upon the actual estimates provided by the <br />contractors who are to do the Work. Said cost estimates shall be reviewed <br />by the City, and the City shall establish the actual amount of the financial <br />guarantee. The description and estimated cost of Developer's On -site <br />Work is as follows: <br />1. <br />2. <br />Description of Improvements Estimated Costs <br />Storm Drainage System, Site Grading/Erosion $ _5,000 <br />Control/Restoration <br />Landscaping $ 2,000 <br />Total Estimated Cost of Developer $ 7,000 <br />Improvements <br />Security Requirement (Total * 125 %) <br />Ill III. OFF -SITE WORK <br />None. <br />IV. COMPLETION DATE. <br />• <br />$ 8,750 <br />The activities authorized by site and building plan approval shall be initiated within <br />six (6) months. If such activity is not completed within eighteen (18) months, the <br />City may exercise any remedies as set forth in Section VII., unless an extension is <br />granted by the City. <br />V. GUARANTEE. <br />A. The Developer will fully and faithfully comply with all terms and <br />conditions of any and all contracts entered into by the Developer for the <br />installation and construction of all Developer's Off -site Work and hereby <br />guarantees the workmanship and materials for a period of one year <br />following the City's final acceptance of the Developer's Off -site Work. <br />Concurrently with the execution hereof by the Developer, the Developer <br />will furnish to, and at all times thereafter maintain with the City, a cash <br />deposit, certified check, or Irrevocable Letter of Credit, based on one <br />hundred twenty -five (125 %) percent of the total estimated cost of <br />Developer's On -site and Off -site Work. An Irrevocable Letter of Credit <br />shall be for the exclusive use and benefit of the City of Lino Lakes and <br />Living Waters Church Performance Agreement page 3 <br />