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Ordinance 804 Page 8 Subd. 2. FINANCIAL SECURITY a. Security required. The applicant shall provide the City with financial security to ensure the performance of the applicant's obligations pursuant to this Chapter. The financial security may be in the form of a bond, letter of credit, escrow deposit or cash. The financial security must be provided to the City upon the submittal of the permit application. The City may use the financial security to assure that the work is completed in accordance with the submitted plans and specifications and the provisions of this Chapter. The financial security may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work. Applicants who are applying for land disturbance permit for projects that consist of one lot with one single family home are exempt from the financial security requirement of this Chapter, so long as the City determines that there is no potential for environmental degradation. b. Amount of security. The amount of security shall be one-hundred twenty-five (125) percent of the estimated cost to accomplish compliance with the approved Land Disturbance permit or two thousand dollars ($2,000.00), whichever is greater, in addition to any other security performance required by any other regulations in this Code. The estimated cost shall be subject to approval by the City Public Works Department. c. Reduction of financial security. If requested by the applicant, the amount of the financial security may be reduced by the City, subsequent to City inspection. Said reduction will be based upon the extent to which the grading and restoration have been completed and shall consider the continued need for erosion control. At no time prior to final stabilization, shall the security be reduced to less than ten (10) percent of the total original security amount. d. Release of security. Any remaining amount of the financial security deposited with the City for faithful performance of the plans and specifications and any related remedial work will be released after the completion and inspection of all such measures and the establishment of final stabilization, for the permitted site or common plan of development or sale. e. City remedy. If compliance with the approved Land Disturbance permit is not accomplished within the allowable time period, the City may bring the project into compliance by use of the security. f. Exemptions. The City shall be exempt from the requirements of this Section.