1. Developer shall prepare plans and specifications for approval by the City;

2. Developer shall secure and dedicate any right-of-way required for the Transportation Facility;

3. Developer shall secure all required permits and environmental clearances necessary for construction of the Transportation Facility;

4. Developer shall provide a detailed cost estimate that itemizes those costs of the construction attributable to the Transportation Facility and excludes any work attributable to a specific subdivision project. The estimate shall be preliminary and the final amount of reimbursement or Fee Credit shall be subject to final determination by the City Manager or designee upon completion of the Transportation Facility;

5. Developer shall provide performance bonds in a form and amount and with a surety satisfactory to the City (where the Developer intends to utilize provisions for immediate credit, the performance bond shall be for 100 percent of the estimated cost of the Transportation Facility, pursuant to subsection (B)(4) of this section);

6. Developer shall pay all City Fees and costs;

7. The City shall be held harmless and indemnified and, upon tender by the City, defended by the Developer for any of the costs and liabilities associated with the construction of the Transportation Facility;

8. The City shall not be responsible for any of the costs of constructing the Transportation Facility. The Developer shall advance all necessary funds to construct the Transportation Facility;

9. Developer shall be entitled to immediate Fee Credit equal to 50 percent of the estimated cost of the Transportation Facility upon City acceptance of the estimate provided pursuant to subsection (B)(4) of this section and the provision of performance bonds pursuant to subsection (B)(5) of this section;

10. Following receipt of valid bids for the Transportation Facility which comply with all applicable requirements, entering into binding contracts for the construction of the Transportation Facility, and meeting all requirements and conditions set forth above, as approved by the City Manager or designee, the Developer shall be entitled to additional Fee Credits, increasing the cumulative immediate Fee Credit award to 75 percent of the bid amount attributable to the Transportation Facility, thereby retaining 25 percent of such Fee Credits until issuance by the City of a final expenditure determination;

11. If the Developer uses all of the immediate credit before final completion of the Transportation Facility project, then the Developer may defer payment of Development Impact Fees for other Building Permits by providing to the City liquid security such as cash or an irrevocable letter of credit, but not bonds or set-aside letters, in an amount equal to the remaining amount of the estimated cost of the Transportation Facility project;

12. When all Transportation Facility construction work has been completed to the satisfaction of the City Manager or designee, Developer shall submit to the City verification of payments made for the construction of the Transportation Facility. City Manager or designee shall make the final determination of which expenditures are eligible for Fee Credit or reimbursement. The Developer shall receive additional Fee Credit in an amount equal to the difference between the final expenditure determination and the 75 percent immediate Fee Credit issued pursuant to subsection (B)(10) of this section. If the amount of the final Fee Credit award is less than the deferred obligation pursuant to subsection (B)(11) of this section, then the Developer shall have 30 calendar days to pay the deferred Fee. If the deferred Fees are not paid within this period, the City may make a demand against the liquid security and apply the proceeds to the fee obligation. (Ord. 3440 § 1, 2018).