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bond in the amount of 1.000 of the total estimated cost of the <br />work for each stage of development shall secure payment for labor <br />and m~ter~.als. <br />C~~ah or :it7struments of credit shall be in an amount not less <br />than lU0% oaf the total estimated cost of improvements which is as <br />follows; <br />$1360,000.00 <br />In event of breach by Developer, City .may take over the work <br />and prosecute. the same to completion by any method the City deems <br />advisable. Said. work shall be for the account and. at the expense <br />of the Developer. Developer shall be liable to the City for any <br />excess costs or damages suffered by the City. <br />7. Acquisition By Assessment District. The parties shall <br />coope~tate with each other to cause an Assessment District spread <br />over the Developer's property (Trammell-Crow Assessment District) <br />to be formed as soon as reasonably practical and to cause said <br />District to :reimburse Developer for .all costs and expenses. <br />incurred or paid by Developer, if such costs and expenses are <br />included as a part of the costs and expenses financed by said <br />Assessment District. and such cost and expenses .are reimbursable <br />lby the Trammell-Crow Assessment. District to Developer. <br />Re.imkzursement b_y City shall be made within thirty (30} days after <br />the sale of the bonds of the Trammell-Crow Assessment. District. <br />8. Procedure If No Assessment District. In the event na <br />assessment district contemplated herein. is formed, all. costs,. <br />expenses and/or obligations incurred or paid by .Developer as a <br />.result of this Agreement shall be the sole responsibility of <br />Developer. Further, in the event the assessment district formed <br />_ `5 _ <br />