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amount equal to 1% per occurrence, of the amount of the security required for Developer 1 improvements, which amount the Developer agrees to pay to the City upon demand. 2 Engineering Coordination H..A City Engineering Coordinator shall be assigned to this project to 3 provide further protection for the City against defects and deficiencies in the work and 4 improvements through the observations of the work in progress and field checks of materials and 5 equipment. However, the furnishing of such engineering coordination will not make the City 6 responsible for construction means, methods, techniques, sequences or procedures or for the safety 7 precautions or programs, or for the Contractors failure to perform his work in accordance with the 8 Plans. The Developer is obligated to pay the City for City inspection services an amount equal to 4% 9 of the estimated cost of the Public Improvements($257,203), which amount is $10,288. This 10 amount shall be paid at or prior to the execution of this Agreement. 11 Security. I.To guarantee compliance with the terms of this Agreement, payment of the costs of all 12 Public Improvements and construction of all Public Improvements, the Developershall furnish 13 either: a) a cash deposit, or b)an irrevocable letter of credit for $321,504in a form to be approved by 14 the City (the “Financial Security”). The amount of the Financial Securityis 125% of theestimated 15 costto construct the Public Improvements. The City shall have the right to draw on the Letter of 16 Credit in the event that the Developer fails to perform any of its obligations under this Agreement. 17 Reduction of Security. 1.Periodically upon the Developers written request, the City 18 Engineer may reduce the amount of the Financial Security for completed Public 19 Improvements provided the following conditions are met: 20 a)The Developer’s engineer certifies that the Public improvements have been 21 constructed to City Standards and in accordance with the Plans. 22 b)The Developer provides documentation that its contractors and all their 23 subcontractors and suppliers have been paid in full for the work completed and materials 24 supplied. 25 c)The CityEngineer determines that such Public Improvements have been fully 26 completed in accordance with the Plans, specifications and provisions of this Agreement. 27 The amount of reduction shall be equal to that portion of the Financial Securitywhich covers 28 such completed Public Improvements; provided however, in no case shall the remaining 29 amount of the Financial Securitybe less than the greater of: (i) 25% of the original amount of 30 the Financial Security, or (ii) 125% of the estimated cost to completethe Public 31 Improvements which have not been completed as determined by the City Engineer. 32 33 Release of Security 2..This Agreementshall run with the land and may be recorded against 34 the title to the Property. After the work described inthis Agreementhas been completed, 35 theDeveloper may request that the Cityaccept the Public Improvements. This is 36 accomplished through a City Council resolution provided the following conditions are 37 met: 38 As-built Survey a). The Developershall provide an as-built survey upon completionof 39 the Public Improvements described in Paragraph C in reproducible and digital 40 (AutoCAD) format. The locations and elevations of sewer and water services shall be 41 accurately shown on the survey. 42 Page 5of16