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b. Installation by City. All Stage I improvements shall be planned, <br /> designed, inspected and/or approved by the City Engineer. The <br /> administrative charges of the City in connection with such <br /> improvements shall be included in the costs determined in Subdivision <br /> 3 of this section. <br /> <br />c. Minimum Escrow Requirements for Stage I Improvements. <br /> For City awarded improvements, the owner or subdivider shall make <br /> a cash deposit with the City Finance Department in a minimum amount <br /> equal to 15% of the City Engineer's estimated cost of installing the <br /> Stage I Development improvements described in §9.50.50 Subd. 3b <br /> above. In lieu of this cash deposit, the owner or subdivider may file a <br /> letter of credit approved by the City in a minimum amount equal to <br /> 20% of the City Engineer's estimated cost of the Stage I Development <br /> improvements. The decision on whether a cash escrow or letter of <br /> credit will be used for this escrow requirement will be made by the <br /> City Council on a case by case basis. <br /> <br />d. For non-City awarded improvements, the owner or subdivider shall <br /> deposit with the City Finance Department a cash amount or letter of <br /> credit equal to 125% of the total cost of such improvements as <br /> estimated by the City Engineer, including the billable estimated <br /> expense of the City for engineering, legal, fiscal, administrative and <br /> other expenses incurred by the City in connection with the making of <br /> such improvements. On a monthly basis as the project progresses, the <br /> City Engineer shall estimate the amount of work completed and <br /> recommend to the City council the amount of funds to be released to <br /> the subdivider. <br /> <br />e. There shall be an escrow agreement which shall provide that in the <br /> event the required improvements are not completed within one year, <br /> all amounts held under the escrow agreement shall be automatically <br /> turned over and delivered to the City and applied by the City to the <br /> cost of completing the required improvements. If the funds available <br /> within said escrow are not sufficient to complete the required <br /> improvements, the necessary additional cost to the City shall be <br /> assessed against the subdivision. Any balance remaining in the <br /> escrow fund after such improvements have been made and all <br /> expenses therefore have been paid shall be returned to the subdivider. <br /> In instances where a letter of credit is used in lieu of a cash escrow, <br /> said letter of credit shall be in a form satisfactory to the City and the <br /> terms thereof shall substantially comply with the procedure as set forth <br /> for a cash escrow fund. <br /> <br />f. Final Escrow Requirements For Stage I Improvements. The <br /> minimum escrow requirements described above are subject to increase <br /> based on the developer's financial status in relation to the project size. <br /> That is, the escrow requirements may vary with each developer <br /> depending on his credit worthiness. The final escrow amount, above <br /> the minimums described above, shall be determined by the City <br /> Council Each developer shall be required to submit with his <br /> development application current audited financial statements. The City <br /> will then review and analyze the financial statements and then issue its <br /> opinion as to the financial strength of the developer in relation to the <br /> <br /> <br />