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Municode Page 3 of 3 <br />(2) Said contract shall reaffirm that the city will be reimbursed for all costs incurred by the <br />city for processing and administration of the application. <br />(3) To ensure that the site is developed in accord with the approved plans and city <br />specifications, the applicant shall provide a cash escrow, certificate of deposit, letter of <br />credit from an acceptable financial institution, performance bond, or pledge and <br />payment. The financial security shall be in an amount which equals 150 percent of the <br />estimated construction cost of all required city improvements (as estimated by the city <br />engineer) as outlined in this chapter exclusive of the cost of the actual building to be <br />constructed on the site. The financial security required herein may be used by the city <br />to install or complete any of the city's required on -site improvements in the event the <br />applicant fails to do so. Upon request by the applicant, the city may release the <br />financial security in partial payments on a pro rata basis as the various on -site <br />improvements are completed to the satisfaction of the city engineer. Upon final <br />approval by the city engineer certifying that all on -site improvements have been <br />completed in accordance with the development agreement and city standards, the <br />remaining financial security shall be released to the applicant. The permit shall also <br />provide that it is binding on all heirs, assigns, and successors of the applicant. A copy <br />of the permit shall be kept on file as part of the permanent record of the site. <br />(Code 1978, § 9.03.08; Ord. No. 73-05, 5-21-1973; Ord. No. 86-2, 8-25-1986; Ord. No. 03-20, 8-25-2003) <br />http://library.municode.com/print.aspx?h=&clientlD=14286&HTMRequest=http%3a%2f... 1/29/2014 <br />