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<br /> it , <br /> ~. <br /> , construction exceeqs the Engineer's estimate oy 10% or more, the <br /> deposit shall Of: increased proportionately. The total project <br /> " costs shall De assessed in equal annual installments according to <br /> " the assessment period. <br /> ,- 2. In the case where the improvements benefit not only the property <br /> being developed but other areas within the City, the developer <br /> - shall provide to the City a security deposit in accordance with <br /> ~ paragraphs described aoove for the portion of the estimated <br /> project costs which represent the benefit to the proposed <br /> ~ development. Such portion shall be assessed against the <br /> properties benefited. <br /> a) For all other types of development. the developer shall <br /> deposit with the City a cash escrow or irrevocable letter of <br /> credit of not less than 125% of the estimated project cost as <br /> determined by the City Engineer. If the estimated project <br /> cost as determined after receipt of bids for construction <br /> exceeds the Engineer's estimate by 10% or more. the deposit <br /> shall be increased proportionately. The total project costs <br /> shall be assessed in equal annual installments according to <br /> the assessment period. <br /> bJ The securi ty deposit shall be irrevocable for the full term <br /> of any assessments for which given. The agreement shall be <br /> so conditioned as to guarantee payment of the assessments as <br /> due or to pay for the cost of all improvements which the <br /> developer agreed to install. <br /> 14 <br /> .-. <br />