(A) When improvements are developer-constructed, the developer will be credited for the improvements he or she constructs against the developer’s obligation set forth in the benefit study. Improvements for which credit is applied must be those set forth in the benefit study, but need not be those specific obligations set forth for any particular property. Where possible, the credit will be established with physical quantities such as lineal feet of curb and gutter, square feet of asphalt and the like. Where physical quantities cannot be established, such as portions of railroad crossings, portions of canal improvements and the like, the obligation to be met shall be the estimated current value for the item as set forth in the benefit study.
(B) The benefit study analysis and determination of credit for work performed will be accomplished by the city’s benefit study consultant at developer expense. If the improvements to be installed by the developer do not satisfy the full obligation of the property as set forth in the benefit study, the developer may:
(1) Install additional improvements, credited at values established by the benefit study as opposed to actual costs, up to the value of the developer’s full obligation;
(2) Pay the cash differential which will be held in a trust account for use only for the designated improvements; or
(3) Provide an appropriate security, approved by the City Attorney, to guarantee construction of the remainder of the developer’s obligation when determined necessary by the Public Works Director as set forth in division (B)(2) above.
(Prior Code, § 19-11-5)