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4 <br /> Existing and Proposed Ordinance Provisions:[Underline indicates proposed text.] <br /> V-D-8 III-E. Improvements <br /> [This existing paragraph is to be moved from V-D-8-c]Improvements proposed <br /> by the subdivider or required by this Ordinance, such as street pavement, curb and <br /> gutter,and sidewalks, shall be constructed in accordance with the standards and- <br /> requirements as provided in this Ordinance,provided that where said <br /> improvements are to be constructed subsequent to the approval of the Final Plat, <br /> plans and specifications for said improvements shall be approved by the <br /> appropriate agency and reference to said improvements shall be made part of the <br /> Final Plat as provided in Section V-D-7-a. <br /> III-E-1. Financial Guarantee <br /> Before a final plat of a subdivision shall be approved, improvements shall be <br /> pm-Aded as installed. inspected and approved. or a seeufity' efi asp <br /> an escrow agreement;or a satisfactory,irrevocable letter of credit by an approved <br /> institution and as approved by the Orange County Attorney shall be posted with <br /> Orange County by the subdivider to provide for the completion of the required <br /> improvements. <br /> The financial guarantee shall be effective for 372 days after the Certificate of <br /> Improvements is signed by the County Manager. The amount of the 4ea -letter of <br /> credit-or escrow agreement shall be 110 percent of the construction cost estimate <br /> described in Section III-E-2. <br /> III-E-2, Construction Cost Estimate <br /> The financial guarantee shall be accomp ni i by an itemized estimate for the cost <br /> of construction which includes quantities and unit prices for constriction <br /> materials and activities such as clearing and ding The estimate shall be <br /> dared by an engineer. contractor, or other individual qualified to calculate the <br /> cost to'comnlete the improvements according to approved plans <br /> a=ifications-who has no direct or indirect ownership interest in the subdivision, <br /> The construction cost estimate shall include a ten percent(10%)construction <br /> contingency to account for unanticipated conditions or circumstances discovered <br /> during the development ron Bess. <br />