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263 For each remaining phase of the Development, seventy-five percent (75%) of all of the applicable required off-site improvements for each phase shall be completed prior to the issuance of any tenant occupancy permit with respect to the last building to be constructed in such phase, and the remainder of all such off-site improvements applicable to each phase shall be completed not later than one year following the date of issuance of such tenant occupancy permit; provided, however, that as a condition to such one-year delay in completion of such off-site improvements, Developer shall deliver to the City sufficient security to ensure completion of such off-site improvements within such one-year period; (iii) The determination of the percentage of completion of the applicable off-site improvements shall be based upon a cost estimate prepared by a licensed civil engineer reasonably satisfactory to the City. For purposes of this Agreement, "sufficient security" shall mean a letter of credit issued by a national or state bank, savings and loan association or other financial institution reasonably satisfactory to City, a completio~ bond issued by a reasonably satisfactory surety, or such other security as the City may hereafter accept in an amount equal to one hundred ten percent {110%) of such engineer's estimate of the costs of the uncompleted off-site improvements. Further increases in the maximum building densities set forth in this Specific Development may be approved subject to certification of subsequent or supplemental environmental impact reports. The EIR further identifies a Transportation Demand Management Program ("TDM") to be implemented as one of the mitigation measures applicable to the MacArthur Place District Center. In this regard, and as certified in the Findings of Fact and Statement of Overriding Consideration applicable to the EIR, the implementation of the TDM program will not be required, and compliance with the reduction measures projected by the implementation of the TDM program shall not be tested prior to the commencement of the fifth (Sth) and final phase of the development of the MacArthur Place District Center; provided, however, prior to the approval of any building permits on the fifth (Sth) phase of development, a report describing trip generation, level of service and travel impacts on the street system in the vicinity of the project shall be submitted to the City Traffic Engineer.