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January 23, 2014 <br /> Page 2 of 5 <br /> stubout on the north side of parcel TMK: 7-5-017:043 to <br /> Hualalai Road including the intersection on Hualalai Road and <br /> any street lighting or traffic signal lights as required by the <br /> Department of Public Works; and <br /> 01 The construction of a stub-out street on the south side of this <br /> parcel that will eventually connect to Pualena Street through <br /> the parcel identified as TMK:7-5-017:022; and <br /> 01 The construction and connection of any unnamed street(s) <br /> from the stub-out that intersects with Hualalai Road to the <br /> stub-out of Pualani Street to TMK: 7-5-017:022 and to the <br /> southern makai boundary of parcel identified as TMK: 7-5- <br /> 017:042. <br /> The performance bond shall cover the cost of all streets, stub-outs, <br /> intersections, curbs, gutters, sidewalks, street lights, and traffic signal lights <br /> interior to the subdivision and along the improved portions of Hualalai <br /> Road, including the intersection of this parcel to Hualalai Road as required <br /> by the Director of Public Works, until all streets, curbs, gutters, sidewalks, <br /> intersections, and street lighting are dedicated to the County. <br /> The performance bond amount shall start at 110% of the estimated cost <br /> of all interior roads and intersections, curbs, gutters, sidewalks, and street <br /> lights in the proposed development, including the improved portion of <br /> Hualalai Road and its intersection with the proposed development. The <br /> premiums for the bond, bond issuance costs, and escalation costs are the <br /> responsibility of the applicant and shall not run with the land. As long as the <br /> proposed development is not 100% completed and dedicated to the County, <br /> the bond and its escalation costs shall be paid for by the applicant. <br /> Escalation is an allowance to provide for the anticipated increase in costs <br /> during construction or during the time period between the approval of this <br /> ordinance and the completion of 100% of the construction and dedication of <br /> those roads to the County. An annual escalation cost shall be added to the <br /> bond amount based on the current road and infrastructure construction <br />