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June 16, 2022 <br />136 <br /> <br />of credit, such funds as are necessary to finance the completion of those <br />improvements, up to the limit of credit stated in the letter. <br />(e) Amount of Guarantee. <br />1. The amount of financial security to be posted for the completion of the required <br />improvements shall be equal to one hundred ten (110) percent of the cost of completion <br />estimated as of ninety (90) days following the date scheduled for completion by the <br />developer. Annually, the County may adjust the amount of the financial security by <br />comparing the actual cost of the improvements which have been completed and the <br />estimated cost for the completion of the remaining improvements as of the expiration of <br />the ninetieth (90th) day after either the original date scheduled for completion or a <br />rescheduled date of completion. Subsequent to said adjustment, the developer shall post <br />additional security in order to assure that the financial security equals said one hundred ten <br />(110) percent. Any additional security shall be posted by the developer in accordance with <br />this subsection. <br />2. The amount of financial security required shall be based upon an estimate of the cost of <br />completion of the required improvements, submitted by an applicant or developer and <br />prepared by a registered engineer and certified by such engineer to be a fair and reasonable <br />estimate of such cost. The County, upon the recommendation of the County Engineer, may <br />refuse to accept such estimate for good cause shown. If the applicant or developer and the <br />County are unable to agree upon an estimate, then the estimate shall be recalculated and <br />recertified by another registered engineer and chosen mutually by the County and the <br />applicant or developer. The estimate certified by the third engineer shall be presumed fair <br />and reasonable and shall be the final estimate. In the event that a third engineer is so <br />chosen fees for the services of said engineer shall be paid equally by the applicant or <br />developer and the County. <br />3. If the party posting the financial security requires more than one year from the date of <br />posting of the financial security to complete the required improvements, the amount of <br />financial security may be increased by an additional ten (10) percent for each one-year <br />period beyond the first anniversary date from each posting of financial security or to an <br />amount not exceeding one hundred ten (110) percent of the cost of completing the required <br />improvements as reestablished on or about the expiration of the preceding one (1) year <br />period by using the above bidding procedure. <br />(f) Protection of Final Phases. In the case where development is projected over a period of <br />years, the Planning Commission may authorize submission of Final Plats by section or <br />stages of development subject to such requirements or guarantees as to improvements <br />in future sections or stages of development as it finds essential for the protection of any <br />finally approved section of the development.