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� <br />� construction exceeds the Engineer's estimate by 10% or �A �e. the <br />deposit shall be increased proportionately. The total proj ect <br />costs shall be 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 above 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 a$1 other types of development, the developer shall <br />� depos it with the City a cash escrow or Xrrevocable letter of <br />credit of not less than 125% of the est�lttldted proj ect cost as <br />determined by the City Engineer. If the estimated proj ect <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 proj ect costs <br />shall be assessed in equal annual installments according to <br />the assessment period. <br />b) The security 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 />�. � <br />� <br />14 <br />