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§ 9.50.30 <br /> <br />For non-City awarded Improvements, the <br />owner or subdivider shall deposit with the <br />City Finance Department a cash amount or <br />letter of credit equal to 125% of the total <br />cost of such Improvements as estimated by <br />the City Engineer, including the billable <br />estimated expense of the City for <br />engineering, legal, fiscal, administrative <br /> <br />and other expenses Incurred by the City in <br />connection with the making of such <br />Improvements. On a monthly basis as the <br />project progresses, the City Engineer shall <br />estimate the amount of work completed <br />and recommend to the City council the <br />amount of funds to be released to the <br />subdivider. <br /> <br />There shall be an escrow agreement which <br />shall provide that in the event the required <br />Improvements are not completed within <br />one year, all amounts held under the <br />escrow agreement shall be automatically <br />turned over and delivered to the City and <br />applied by the City to the cost of <br />completing the required improvements. If <br />the funds available within said escrow are <br />not sufficient to complete the required <br />Improvements, the necessary additional <br /> <br />cost to the City shall be assessed against <br />the subdivision. Any balance remaining in <br />the escrow fund after such improvements <br />have been made and all expenses therefore <br />have been paid shall be returned to the <br /> <br />subdivider. In instances where a letter of <br />credit is used in lieu of a cash escrow, said <br />letter of credit shall be in a form <br />satisfactory to the City and the terms <br />thereof shall substantially comply with the <br />procedure as set forth for a cash escrow <br />fund. <br /> <br />Final Escrow Requirements For Stage I Improvements. <br />The minimum escrow requirements described above are subject to <br />increase based on the developer's financia! status in relation to thc <br /> <br /> <br />