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Developer shall provide a financial guarantee to <br /> the City, in the form of a cash escrow or letter of credit, in the <br /> amount equal to one hundred twenty-five percent (1250) of the <br /> estimated amount of the required improvements to be installed to <br /> serve the development. This amount has been calculated by the <br /> City' s Engineer to be Five Hundred Forty Five Thousand Two Hundred <br /> Twenty Four Dollars ($545, 224 . 00) . The City shall have the right <br /> to retain the financial guarantee until the improvements have been <br /> completed to the satisfaction of the City. <br /> Developer shall provide an additional financial <br /> guarantee to the City in the form of a cash escrow or letter of <br /> credit in the amount equal to one hundred twenty-five percent <br /> (1250) of the estimated amount of the required improvements for <br /> the lift station, easements and attendant piping. This amount has <br /> been calculated by the City' s Engineer to be $313, 300. 00 . The <br /> City shall have the right to retain this financial guarantee until <br /> the improvements have been completed to the satisfaction of the <br /> City. <br /> Developer has a right to request reduction of the <br /> letters of credit amount. Specifically, Developer shall send a <br /> written request to the City' s Engineer for a specific reduction in <br /> the amount of the letters of credit. The City Engineer shall <br /> review that request and make a recommendation to the City as to <br /> Rev. 06/11/05 <br />