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amount equal to 1% per occurrence, of the amount of the security required for Public 1 Improvements, which amount the Developer agrees to pay to the City upon demand. 2 Engineering Coordination F.. 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 forconstruction means, methods, techniques, sequences or procedures or for the safety 7 precautions or programs, or for the contractor’s failure to perform itswork 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, which amount is $6,850.80.This amount shall be 10 paid at or prior to the execution of this Agreement. 11 Security. G.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 Developer shall furnish 13 either: a) a cash deposit, or b) an irrevocable letter of credit for $214,087.50in a form to be approved 14 by the City (the “Financial Security”). The amount of the Financial Security is 125% of the 15 estimated cost to construct the Public Improvements. The City shall have the right to draw on the 16 Letter of Credit in the event that the Developer fails to perform any of its obligations under this 17 Agreement. 18 Reduction of Security. 1.Periodically upon the Developer’s written request, the City 19 Engineer may reduce the amount of the Financial Security for completed Public 20 Improvements provided the following conditions are met: 21 a)The Developer’s engineer certifies that the Public Improvements have been 22 constructed to City standards and in accordance with the Plans. 23 b)The Developer provides documentation that its contractors and all their 24 subcontractors and suppliers have been paid in full for the workcompleted and materials 25 supplied. 26 c)The City Engineer determines that such Public Improvements have been fully 27 completed in accordance with the Plans, specifications and provisions of this Agreement. 28 The amount of reduction shall be equal to that portion ofthe Financial Security which covers 29 such completed Public Improvements; provided however, in no case shall the remaining 30 amount of the Financial Security be less than the greater of: (i) 25% of the original amount of 31 the Financial Security, or (ii) 125% of the estimated cost to complete the Public 32 Improvements which have not been completed as determined by the City Engineer. 33 34 Release of Security 2.. This Agreement shall run with the land and may be recorded against 35 the title to the Property. After the work described in this Agreement has been completed, 36 the Developer may request that the City accept the Public Improvements. This is 37 accomplished through a City Council resolution,provided the following conditions are 38 met: 39 As-built Survey a). The Developer shall provide an as-built survey upon completion of 40 the Public Improvements in reproducible and digital (AutoCAD) format. The locations 41 and elevations of sewer and water services shall be accurately shown on the survey. 42 Page 3of 11