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7. In lieu of actual construction of improvements, a performance <br /> bond, acceptable to the City Attorney and representing one <br /> hundred twenty percent (120%) of the estimate cost of such <br /> improvement, shall be furnished to the City. <br /> 8. Nothing herein shall exempt properties not abutting Casino <br /> Road from being required to provide street improvements to <br /> those streets upon which they do abut according to require- <br /> ments of other resolutions or ordinances. <br /> B. Interim Improvements: Each property owner proposing <br /> new development or improvement within the benefit area (Exhibit 1) <br /> shall, prior to issuance of a Building Permit, financially contribute <br /> to the interim improvement of Casino Road between Airport Road and <br /> Evergreen Way according to and in the following manner: <br /> 1. If the development or improvement abuts upon or has primary <br /> access from Casino Road between Airport Road and Evergreen <br /> Way, the Developer shall: <br /> a. Pay to the City, a non-refundable cash deposit in the <br /> amount of: <br /> (1) $583 per unit of a multiple family residential <br /> development. <br /> (2) $900 per single family residential unit, or <br /> (3) $90 per average daily trip for business, <br /> commercial and special use development; or an <br /> amount which shall be determined by multiplying <br /> the total number of units possible (based on R-3 <br /> zoning) by $583. Cash deposit amount shall be <br /> determined by whichever method is greater; or <br /> b. Provide the City a payment guarantee upon 30-days <br /> notice to do so, in the amount of: <br /> (1) $687 per multiple family residential unit, or <br /> (2) $1,040 per single family residential unit, or <br /> (3) $104 per average daily trip for commercial and <br /> special use development; or an amount which shall <br /> be determined by multiplying the total number of <br /> units possible (based on R-3 zoning) by $687. <br /> Payment guarantee amount shall be determined by <br /> whichever method is greater. <br /> c. On January 1, 1981, the City Council may adjust these <br /> charges to meet increased construction costs. <br /> 2. If the development or improvement does not abut or have primary <br /> access from Casino Road between Airport Road and Evergreen Way <br /> but contributes significant traffic to Casino Road, the <br /> Developer shall pay a non-refundable cash deposit of $90 per <br /> Casino Road average daily vehicle trip or provide the City <br /> with a payment guarantee in the sum of $104 per Casino Road <br /> average daily vehicle trip. <br /> C. Ultimate Improvements: Each property owner proposing new <br /> development or improvement within the benefit area (Exhibit 1) and <br /> regardless of whether or not it abuts on Casino Road, shall execute <br /> and convey to City an irrevocable special Power of Attorney appointing <br /> City as the respective property owner's true and lawful attorney <br /> in fact for the special purpose of casting a vote of approval in any <br /> Local Improvement District for improvements to Casino Road by <br /> acquisition of right-of-way and installation of concrete sidewalks, <br /> -3- <br />