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<br />ARTICLE IV. RESPONSIBILITY FOR COSTS. The Developer shall <br />reimburse the Ci ty for all its expenses regarding the Project, <br />including but not limited to legal and engineering fees and <br />administration expenses (Costs),. if the Project is abandoned or <br />not completed within 24 months of the date of this Agreement for <br />any reason, including a determination by the City that the <br />Project is not feasible. The Developer shall not be responsible <br />for the Costs if the Project is initiated and successfully con- <br />cluded within said period. Nothing contained herein shall <br />preclude the City from assessing the Property pursuant to <br />Minnesota Statutes, Chapter 429 or Chapter 8 of the City Charter <br />for benefits received nor shall anything be interpreted to commit <br />the City to the use of TIF or other funds for all or any portion <br />of the cost of the site improvements. <br /> <br />ARTICLE V. SECURITY FOR PAYMENT OF COSTS. In order to secure <br />payment of the Costs, the Developer shall deli ver to the Ci ty <br />cash or a letter of credit in the amount of $10,000. The letter <br />of credit shall be in a form satisfactory to the City. The cash <br />or letter of credit shall be delivered by the Developer to the <br />City within seven days of the date of this Agreement. The letter <br />of credit shall be valid for a minimum of 24 months from the date <br />of this Agreement. If while determining the feasibility of the <br />Project the Ci ty determines tha t the Cost s wi 11 exceed $10,000 <br />and that additional security is required, the City shall notify <br />the Developer of the amount of such additional security. Within <br />ten calendar days of receipt of said notice, the Developer shall <br /> <br />3 <br />