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<br />City of Mounds View – Construction Site and Land Disturbance Runoff Control DRAFT Page 7 of 13 <br />f. Create a LAND DISTURBANCE PLAN as required by Subdivision 3 of this <br />Section. <br />g. Be signed by the permittee or authorized agent. <br />h. Give such other data and information as may be required by the CITY. <br />Subd. 2. FINANCIAL SECURITY <br />a. Security required. The APPLICANT shall provide the CITY with financial <br />security to ensure the performance of the APPLICANT 's obligations pursuant to <br />this Chapter. The financial security may be in the form of a bond, letter of credit, <br />escrow deposit or cash. The financial security must be provided to the CITY <br />upon the submittal of the PERMIT application. The CITY may use the financial <br />security to assure that the work is completed in accordance with the submitted <br />plans and specifications and the provisions of this Chapter. The financial security <br />may also be used by the CITY to eliminate any hazardous conditions associated <br />with the work and to repair any damage to public property or infrastructure that is <br />caused by the work. APPLICANT’s who are applying for land disturbance <br />PERMIT for projects that consist of one lot with one single family home are <br />exempt from the financial security requirement of this Chapter, so long as the <br />CITY determines that there is no potential for environmental degradation. <br />b. Amount of security. The amount of security shall be one-hundred twenty-five <br />(125) percent of the estimated cost to accomplish compliance with the approved <br />Land Disturbance PERMIT or two thousand dollars ($2,000.00), whichever is <br />greater, in addition to any other security performance required by any other <br />regulations in this Code. The estimated cost shall be subject to APPROVAL by <br />the CITY Public Works Department. <br />c. Reduction of financial security. If requested by the APPLICANT, the amount <br />of the financial security may be reduced by the CITY. Said reduction will be <br />based upon the extent to which the GRADING and restoration have been <br />completed and shall consider the continued need for EROSION CONTROL . At <br />no time prior to FINAL STABILIZATION, shall the security be reduced to less <br />than ten (10) percent of the total original security amount. <br />d. Release of security. Any remaining amount of the financial security deposited <br />with the CITY for faithful performance of the plans and specifications and any <br />related remedial work will be released after the completion and inspection of all <br />such measures and the establishment of FINAL STABILIZATION, for the <br />permitted SITE or COMMON PLAN of DEVELOPMENT or SALE. <br />e. CITY remedy. If compliance with the approved Land Disturbance PERMIT is <br />not accomplished within the allowable time period, the CITY may bring the <br />project into compliance by use of the security. <br />f. Exemptions. The CITY shall be exempt from the requirements of this Section.