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towards the payment of costs incurred by the City as set forth above. To <br />the event that the balance of funds on deposit with the City are <br />insufficient to satisfy the costs incurred by the City, any additional <br />costs shall be paid by the Developers within five (5) days of notice by the <br />City. <br />12. Grading and Drainage Plans. The Developers agree to provide <br />appropriate grading and drainage for Parcels 1, 2, and 3 so as not to <br />create any negative impacts upon neighboring residential properties in the <br />area. Prior to obtaining building permits, the Developers will submit <br />proposed housing pad elevations to the City's Building Official in order <br />that drainage can be evaluated. The Developers agree to make any changes <br />in said elevation or in the grading of the property to ensure compliance <br />with this provision as requested by the City. <br />13. Park Dedication Fees. The Developers shall pay park dedication <br />fees pursuant to the City ordinance which will be payable at the time of <br />building permit application. <br />14. Completion and Acceptance of the Project by the City. No <br />building permits shall be issued by the City for Parcels 1 and 2 until the <br />installation of sanitary sewer, storm sewer, water main, curb and gutter, <br />and the first lift of bituminous surface is complete and paid for. <br />15. Letter of Credit. The Developers shall furnish the City with an <br />Irrevocable Letter of Credit in the amount of Thirty -six Thousand Five <br />Hundred and No /100 Dollars ($36,500.00) prior to the commencement of the <br />construction to guarantee payment for the completion of the public <br />improvements. Said Letter of Credit shall be immediately available for the <br />City's use in compensating the contractors constructing the project in the <br />event the Developers do not make payments for costs incurred in a timely <br />Page 105 <br />