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c. Construction shall be completed to the standards and specifications <br /> described in the plans and specifications entitled Center Villa Utility and <br /> Street Improvements. Developer authorizes the City and /or the City <br /> Engineer to inspect construction of the Street and Utility Improvements <br /> and grants to them a license to enter the Subdivision to perform all <br /> necessary work and /or inspections deemed appropriate during said <br /> construction, and through expiration of any applicable warranty period. <br /> d. Developer shall, upon execution of this Agreement, provide the City with <br /> cash, letter of credit or other surety, with the form of any non -cash surety <br /> to be satisfactory to the City in the sum of $362,500. Said figure <br /> represents 125% of the estimated cost of the Street and Utility <br /> Improvements. The said surety shall be a guaranty to the City that said <br /> improvements will be timely completed to the City's satisfaction. The <br /> said cash, letter of credit or other surety shall be maintained continuously <br /> by the Developer until said improvements are completed to the City's <br /> satisfaction. The said cash, letter of credit or other surety for said <br /> improvements shall be released upon certification of the City Engineer <br /> that such items are satisfactorily completed pursuant to this Agreement. <br /> Periodically, as payments are made by Developer for the completion of <br /> said improvements, and when it is reasonable prudent, Developer may <br /> request of the City that the surety be reduced for the portion there of which <br /> has been fully completed and paid. In the event that any cash, letter of <br /> credit or other surety referred to herein is ever utilized and found to be <br /> deficient in amount to pay or reimburse the City in total, the Developer <br /> agrees that upon being billed by the City, the Developer will pay within <br /> ten (10) days of the mailing of said billing, the said deficient amount. If <br /> there should be an overage in the amount of utilized security, the City <br /> will, upon making said determination, refund to the Developer any monies <br /> which the City has in its possession which are in excess of the actual cost <br /> paid by the City. <br /> 3. Construction Administration Escrow. Prior to the preparation of final plans and <br /> specifications for the construction of said improvements, the Developer shall <br /> provide to the City a cash escrow in an amount indicated in writing to provide for <br /> financing the cost of preparing said final plans and specifications by the City <br /> Engineer. Furthermore, the Developer shall also provide a cash escrow to the <br /> City in an amount indicated in writing to provide for financing the cost of <br /> inspection, staking, and construction administration by the City Engineer. <br /> 4. Developer understands that certain public roadway improvements will be <br /> necessary for the extension of existing public streets into the Subdivision. <br /> Specifically, the streets identified as Brian Drive and Eagle Trail currently dead <br /> end in temporary cul -de -sacs at the property line to said proposed Subdivision. In <br /> order to extend said streets into the proposed Subdivision, the existing street <br /> surface and right -of -way must be reconstructed to a distance of approximately 50 <br /> 6 <br />