SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this contract, payment of special assessments, payment of the costs of all public and private improvements, and construction of all public and private improvements, the Developer shall furnish the City with a letter of credit, in a format acceptable to the City, from a bank, cash escrow or a combination cash escrow and letter of credit ("security") for $573,372. The amount of the security was calculated as follows: Street Construction $125,300 $125,300 Sanitary Sewer System $108,500 $108,500 Watermain System $81,500 $81,500 Storm Sewer System $46,400 $46,400 Boulevard and Drainage Swale Sod $22,400 $22,400 Retaining Walls $21,200 $21,200 Street and Traffic Control Signs $700 $700 Buffer/Park Posts & Signs ($100 per buffer post) $1,100 $1,100 Sidewalk Improvements $31,600 $31,600 Landscaping $22,400 $22,400 Street Lighting $4,000 $4,000 Erosion control $4,200 $4,200 Site Grading & Drainage Improvements $52,400 $52,400 Setting Iron Monuments ($100 per iron) $9,200 $9,200 Design, Admin. Insp, As-builts (8%) $30,784 $11,688 $42,472 (1) Developer installed public improvements. City to own and maintain after development completed.

SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this contract, payment of special assessments, payment of the costs of all public and private improvements, and construction of all public and private improvements, the Developer shall furnish the City with a letter of credit, in a format acceptable to the City, from a bank, cash escrow or a combination cash escrow and letter of credit ("security") for $ 1,055,747.52. The amount of the security was calculated as follows: Street Construction $91,281.50 $91,281.50 Xxxx Xxxx Construction (5) $158,172.50 $158,172.50 Sanitary Sewer System $134,945.00 $134,945.00 Watermain System $141,400.00 $141,400.00 Storm Sewer System $125,720.00 $125,720.00 Boulevard and Drainage Swale Sod $10,000.00 $10,000.00 Pond Construction $10,635.00 $10,635.00 Filtration Basin $10,635.00 $10,635.00 Street and Traffic Control Signs $1,250.00 $1,250.00 Sidewalk Improvements $16,200.00 $16,200.00 Trail Improvements $12,200.00 $12,200.00 Landscaping $14,350.00 $14,350.00 Street Lighting $1,000.00 $1,000.00 Erosion control $18,802.50 $18,802.50 $37,605.00 Site Grading & Drainage Improvements $94,575.00 $94,575.00 $189,150.00 Setting Iron Monuments ($100 per iron) $3,000.00 $3,000.00 Tree preservation (3) $10,000.00 $10,000.00 Wetland Mitigation (money held until completion of required monitoring reports). (4) $10,000.00 $10,000.00 Design, Admin. Insp, As-builts (8%t) $64,769.32 $13,434.20 $78,203.52 (1) Developer installed public improvements. City to own and maintain after development completed.

SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this contract, payment of special assessments, payment of the costs of all public and private improvements, and construction of all public and private improvements, the Developer shall furnish the City with a letter of credit, in a format acceptable to the City, from a bank, cash escrow or a combination cash escrow and letter of credit ("security") for $956,022. The amount of the security was calculated as follows: ESTIMATED COSTS Developer Street Construction: 204,026 204,026 Sanitary Sewer System: 133,233 133,233 Watermain System: 133,748 133,748 Storm Sewer System: 223,371 223,371 Boulevard and Drainage Swale Sod: 8,400 8,400 Retaining Walls: 46,497 46,497 Filtration Basin: 18,771 18,771 Street and Traffic Control Signs: 1,250 1,250 Buffer/Park Posts & Signs: 1,000 1,000 Sidewalk Improvements: 23,494 23,494 Private Trailway Improvements: 8,150 8,150 Removal/Restoration of Temp. Cul-De-Sac: 2,500 2,500 Street Lighting: 1,000 1,000 Erosion Control: 3,505 3,000 6,505 (3) Site Grading & Drainage Improvements: 34,731 34,730 69,461 Setting Iron Monuments: 3,800 3,800 Tree Preservation/Protection: (3) SUB-TOTAL: 799,132 86,074 885,206 Design, Admin., Insp., As-Builts (8%): 63,930 6,886 70,816 TOTAL: 863,062 92,960 $956,022 (1) Developer installed public improvements. City to own and maintain after development completed.

SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this Contract, payment of the costs of all improvements, and construction of all public and private improvements, the Developer shall furnish the City with a cash escrow ("Security") in the amount of CONSTRUCTION COSTS: TOTAL SECURITIES: $1,109,910.00 GRAND TOTAL SECURITIES (125%) $1,387,387.50

SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this Agreement, payment of the costs of all improvements, and construction of all public and private improvements, the Developer shall furnish the City with a letter of credit, in the form attached hereto, from a bank (“security”) for $108,886.62. The amount of the security includes all of the security requirements set forth in the preceding sections of this Agreement, and was calculated as follows: Landscaping $58,993.75 Right of Way Permit $35,000.00 Grading and Erosion Control Permit $14,892.12 This breakdown is for historical reference; it is not a restriction on the use of the security. The bank shall be subject to the approval of the City Administrator. The security shall be for a term ending November 30, 2020. Individual security instruments may be for shorter terms provided they are replaced at least thirty (30) days prior to their expiration. The City may draw down the security, upon five (5) business days prior written notice to Developer, for any violation of the terms of this Agreement. Amounts drawn shall not exceed the amounts necessary to cure to the default. If the security is drawn down, the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has been completed and financial obligations to the City have been satisfied in accordance with approved plans, the security shall be reduced from time to time by ninety percent (90%) of the financial obligations that have been satisfied. Ten percent (10%) of the amounts certified by the Developer's engineer shall be retained as security until all improvements have been completed and all financial obligations to the City satisfied. The City standard specifications for utilities and street construction outline procedures for security reductions.

SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this Agreement, payment of the costs of all improvements, and construction of all public and private improvements, the Developer shall furnish the City with a letter of credit, in the form attached hereto, from a bank (“security”) for $109,957.50. The amount of the security includes all of the security requirements set forth in the preceding sections of this Agreement, and was calculated as follows: Right-of-Way $15,000.00 Erosion Control/Grading Certification $7,350.00 OTHER COSTS: Landscaping $65,616.00 This breakdown is for historical reference; it is not a restriction on the use of the security. The bank shall be subject to the approval of the City Administrator. The irrevocable letter of credit or other security deemed acceptable to the City is referred to throughout this Agreement as the “Security”. The Security shall be in the form attached hereto as Exhibit C, form a bank approved by the City. The bank shall be authorized to do business in the State of Minnesota. The Security shall extend through completion and acceptance (including the expected warranty period) by the City of the Development Work. The Security shall be for a term ending November 30, 2023. Individual security instruments may be for shorter terms provided they are replaced at least thirty (30) days prior to their expiration. The City may draw down the security, upon five

SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this Agreement and construction of all work included, the Developer shall furnish the City, in addition to the amounts escrowed hereunder for City Engineering Administration and Construction Observation costs, with an irrevocable letter of credit issued from a bank with a branch in Dakota County, Minnesota, cash escrow or a combination cash escrow and letter of credit (“security”) for $481,250. The amount of the security was calculated based on 125% of the estimated grading and erosion control costs of $385,000 provided by the Developer. The bank and form of the letter of credit shall be subject to the approval of the Finance Director. The City may draw down the security, without notice, for any violation of the terms of this Agreement or if the security is allowed to lapse prior to the end of the required term. If the required public improvements are not completed at least thirty (30) days prior to the expiration of the security, the City may also draw it down. If the security is drawn down, the proceeds shall be used to cure the default.

SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this contract, payment of special assessments, payment of the costs of all public and private improvements, and construction of all public and private improvements, the Developer shall furnish the City with a letter of credit, in a format acceptable to the City, from a bank, cash escrow or a combination cash escrow and letter of credit ("security") for $2,116,044. The amount of the security was calculated as follows: Street Construction $450,700 $450,700 Turn Lane Construction 94,400 94,400 Sanitary Sewer System 235,700 235,700 Watermain System 331,900 331,900 Storm Sewer System 176,800 4,300 181,100 Boulevard and Drainage Swale Sod 13,100 13,100 Street and Traffic Control Signs 2,500 2,500 Wetland Buffer Posts & Signs ($100 per buffer post) 2,700 2,700 Sidewalk Improvements 75,400 75,400 Trail Improvements 21,200 21,200 CR 101 Trail Improvements 202,000 202,000 Landscaping 15,000 15,000 Street Lighting 5,000 5,000 Site Grading & Drainage Improvements 277,000 277,000 Erosion Control 34,800 34,800 Setting Iron Monuments ($100 per iron) 16,800 16,800 Sub-Total 1,491,500 467,800 1,959,300 Design, Admin. Insp, As-builts (8%) 119,320 37,424 156,744 TOTAL ESTIMATED COST: 1,610,820 505,224 2,116,044 (1) Developer-installed public improvements. City to own and maintain after development completed.

SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this contract, payment of special assessments, payment of the costs of all public and private improvements, and construction of all public and private improvements, the Developer shall furnish the City with a letter of credit, in a format acceptable to the City, from a bank, cash escrow or a combination cash escrow and letter of credit ("security") for $272,214. The amount of the security was calculated as follows: Street Construction: 46,500 46,500 Sanitary Sewer System: 32,000 32,000 Watermain System: 15,400 15,400 Storm Sewer System: 43,400 43,400 Boulevard and Drainage Swale Sod: 5,000 5,000 Filtration Basin: 40,000 40,000 Street and Traffic Control Signs: 600 600 Wetland Buffer Posts & Signs: 750 750 Sidewalk Improvements: 1,000 1,000 Trail Improvements 17,100 17,100 Landscaping: 2,500 2,500 Street Lighting: 500 500 Erosion Control (3) 7,500 7,500 Site Grading & Drainage Improvements: 33,000 33,000 Setting Iron Monuments: 1,800 1,800 Tree Preservation/Protection (3) 5,000 5,000 SUB-TOTAL: 177,900 74,150 252,050 Design, Admin., Insp., As-Builts (8%): 14,232 5,932 20,164 (1) Developer installed public improvements. City to own and maintain after development completed.

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