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. � 15. OWNERSHIP OT+' �MPROVEMENTS. Upon completion of the woxk and <br /> consf.ruction required by this Agreement and formal City acceptance, the Public Improvements <br /> lying wifiliin public easements or right of way shall become City property without fiirther notice <br /> or action, � " <br /> 16. SUNlMARY OF SECURITY REQUIREMENTS. To guarantee compliance <br /> with fihe terms of this Agreement, payment of the costs of all Public and Private linprovements, <br /> and constru.ction of all Public Improvemenfs, the Developer sha11 furnish the City with one (1) <br /> Letter of Credit, in the form attached hereto, fram a bank ("security"} totaling$488,7Z7.11. The ` <br /> security arnounts axe to be calculated as follows: . <br /> 1. Public Improvements*Due before Plat release � . <br /> a. Lot 1,Block 1 . $ 71,137.50 <br /> � � b. Lot 1, Block 2 $ 29,877.50 <br /> ` a Lot 2, Block 2 $49,087.50 <br /> d. Lot 3,Block 2 $ 14,242.50 <br /> e. Orona Industrial Boulevazd $267,66'7.50 <br /> f. Old Crystal Bay Road $ 12,964.61 <br /> g. Ditch Upgrade and Improvements along Highway 12 $ 43,750.00 . <br /> *Public Improvements include items such as paving/grading/landscaping within <br /> public rights-of-way, and improvements ta sanitary sewer, watermain and storm <br /> sewer witltin public rights-of-way. <br /> In addi�ion,the Developer shall deliver to the City separate letters of credit in the <br /> same form as provided above witih respect to the following improvements, at �iie <br /> ' times specified below: <br /> 2. Private Improvements Lot 1,Block l, <br /> Due before Buiiding Perrnit release* $438,720.00# <br /> R�CEIVED <br /> isaast�i i �;_� �_� JUN 21 2 Q 11 <br /> 9- ��--ri <br /> :"� �� ., CITY C��(�f��7fVC <br />