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I '1 Subdi isio a-i' § 9.50.30 ~d,i For non-City awarded Improvements, the ' owner or subdivider shall deposit with the City Finance Department a cash amount or letter of credit equal to 125% of the total , cost of such Improvements as estimated by ,i the City dEngineer, Including ethe billable ~ estimate expense of th City for '! engineering, legal, fiscal, administrative and other expenses Incurred by the City in ': connection with the making of such · Improvements. On a monthly basis as the :.'~ project progresses, the City Engineer shall estimate the amount of work completed ':~ and recommend to the City council the amount of funds to be released to the ii subdivider. lhere shall be an escrow a§reement which shall provide that in the event the required ~. Improvements are not completed within one year, all amounts held under the escrow agreement shall be automatically "turned over and delivered to the City and i applied by the City to the cost of : completing the required improvements. If the funds available within said escrow are ~ not sufficient to the complete required improvements, the necessary additional cost to the City shall, be assessed against the subdivision, lin§ balance remainin§ in , the escrow fund after such improvements 'i have been made and all expenses therefore 'have been paid shall be returned to the , subdivider. In Instances where a letter of credit is used in lieu of a cash escrow, said letter of credit shall be in a form satisfactory to the City and the terms thereof shall substantially comply with the procedure as set forth for a cash escrow ~fund. i~f,:!iFina! Escrow Requirements For Stage I Improvements ~ The minimum escrow requirements described above are subject to : increase based on the develor~er's financial status in relation to the