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<br />27 <br />LA515\89\721081.v13 <br />up to 38 percent after the first year of acceptance by the City. The City may also further <br />reduce the Security attributable to accepted Landscaping Improvements by up to an <br />additional 37 percent after the second year of acceptance by the City. The City will retain <br />the remaining 25 percent of the Security attributable to accepted Landscaping <br />Improvements until (1) all Landscaping Improvements have been fully completed and <br />accepted by the City, including all corrective work and warranty punch list items being <br />completed by the Developer; (2) all financial obligations to the City have been satisfied; <br />and (3) the warranty period has expired. <br />E. In addition to the above project milestone based Security reductions, the Developer may <br />submit a written request and upon receipt of proof satisfactory to the City Engineer that <br />work is progressing in accordance with the approved Plans and the terms of this <br />Agreement and that all financial obligations to the City have been satisfied, the City <br />Engineer may approve a one-time reduction in the Security for Construction Categories <br />2-5 in an amount not to exceed 50 percent of the initial Security amount. This one-time <br />Security reduction does not apply to Categories 4-5 if boulevard sidewalks or trails have <br />not been installed. <br />38. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash <br />requirements under this Agreement which must be paid to the City prior to recording the final <br />plats: <br />Sewer Availability Charge (SAC): $81,000 <br />Water Availability Charge (WAC): $81,000 <br />Park Dedication: $0 <br />AUAR Fee: $6,210 <br />Railroad Crossing: $23,160 <br />Special Assessments Due: $0 <br />Street Light Operating Fee: $258 <br />City Base Map Upgrading ($25.00 per REU): $675 <br />City Engineering Administration Escrow: $50,000 <br />TOTAL CASH REQUIREMENTS: $242,303 <br />