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<br /> <br />16 <br /> <br />The estimated cost, salvage value, and net costs of decommissioning the project are shown in <br />Table 1 below and will be reviewed and updated prior to issuance of the building permit for <br />construction. Per this estimate, CEF Lake Elmo Community Solar, LLC is proposing a financial <br />security of $15,000. The purpose of the proposed financial security is to ensure the City has <br />sufficient funds to remove the project and return the Site to it’s original condition should the <br />Project be unable or unwilling to implement the decommissioning plan. <br />CEF Lake Elmo Community Solar, LLC proposes to provide the financial security in the form of <br />a letter of credit to be established prior to the issuance of the building permit. The City will be <br />the designated beneficiary of the fund. <br />The utilization of the financial assurance instrument shall be restricted to decommissioning steps <br />and requirements as detailed herein. Any residual funds (not spent specifically for reclamation <br />or remediation) shall be returned to the Applicant once the decommissioning operations have <br />been completed. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />