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<br />D. <br /> <br />. <br /> <br />Sidewalks. A sidewalk shall be installed within the public right-of-way <br />along the west side of the Property and a trail shall be installed within <br />the public right-of-way on the north side of the Property prior to <br />issuance of Certificate of Occupancy. <br /> <br />4.02 Estimated Cost of Develooer Secured Imorovements. The estimated costs of <br />Developer constructed improvements is as follows: <br /> <br />Imorovement <br /> <br />Estimated Cost <br /> <br />Site Grading and Erosion Control <br />Landscaping <br />Storm Sewer <br />SidewalkfTrail <br />Subtotal: <br />Total Security Required (125% of <br />improvements) <br /> <br />$ 35,000.00 <br />$ 5,000.00 <br />$ 9,500.00 <br />$ 3.500.00 <br />$ 53,000.00 <br /> <br />$ 66.250.00 <br /> <br />4.03 Imorovement Securitv. Prior to the City's endorsement of approval the new <br />registered land survey, the Developer shall deposit security with the City <br />Administrator in an amount equal to 125% of the City Engineer's estimate of <br />the C()st of constructing the Developer secured improvements which have not <br />been cornplete(l and accepted by the City prior to approval of the new <br />registered land survey. The security may be in the form of a cash escrow <br />fund, a performance bond, or a letter of credit. The form of security shall be <br />approved by the City Attomey. <br /> <br />. <br /> <br />4.04 Reduction of Securitv. Upon completion of required irnproven'lents for the <br />Property and acceptance by the City, the City Council shall reduce the <br />amount of security for the completed improvernents provided that in no case <br />shall the total remaining security be equal to less than 125% of the estimated <br />costs of the incornplete improvements. <br /> <br />4.05 Recordina Reauirement. Prior to the conveyance of any of the tracts in the <br />new registered land survey, the Developer shall provide evidence that it has <br />recorded a utility easement for the area currently occupied by a lift station, <br />and for an access to the lift station area, unless it can be directly accessed <br />from a publicly dedicated right-of-way. <br /> <br />4.06 Public Use Dedication. Prior to the conveyance of any of the tracts in the <br />new registered land survey, Developer shall pay a public use dedication fee <br />in the amount of $19.500.00. <br /> <br />4.07 Bindina Effect. The terms and provisions of this agreement shall be binding <br />upon and inure to the benefit of the heirs, representatives, successors and <br />assigns of the parties hereto and shall be binding upon all future owners of all . <br />or any part of the Property. This Agreement, at the option of the City, shall be <br />placed of record so as to give notice thereto to any subsequent purchasers <br /> <br />2 <br />