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d. Natural gas. <br />e. Telephone service <br />f. Electric service <br /> <br />("Stage I Improvements") <br /> <br />The DEVELOPER agrees to construct the Stage I Improvements in accordance with the <br />terms and conditions of this agreement and in accordance with the DEVELOPERS' <br />plans submitted to the City. Said plans shall be in conformance with the Final Grading <br />and :Construction Plans prepared by Bogart, Pederson & Associates, Inc. dated July 3, <br />2003, The construction plans are subject to the City Engineer's review and approval pr/or <br />to commencement of construction. <br /> <br />Stage I Improvements: Completion Date. The Stage I Improvements shall be completed on <br />or before August 1,2004. '. <br /> <br />6. Stage I Improvement FinanciaI Guarantee. The DEVELOPER shall provide a financial <br /> guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br /> timely completion. The financial guarantee shall be in the mount of One Hundred Sixty One <br /> Thousand Dollars and no cents ($161,000), which amount is 125% of the City Engineer's <br /> estimated cost of the Stage I Improvements. The financial guarantee required by this <br /> paragraph shall be in the form of cash or a letter of credit, approved as to form by the CITY. <br /> The terms of any letter of credit shall include a 1 O-day notice period. The financial guarantee <br /> shall be deposited with the CITY at the time of execution of this agreement. From time to <br /> time as requested by the DEyELOPER, the CITY will review and amend the amount of <br /> financial guarantee based or/-the work completed. Upon total completion of Stage I <br /> Improvements (including the removal of "temporary" erosion control measures as identified <br /> in the approved Grading Plan) and acceptance by the CITY, the DEVELOPER may request <br /> a further reduction in the amount of the financial guarantee, but only if the maintenance <br /> guarantee required by Paragraph. 8 below has been deposited.. <br /> <br />7. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br /> by the City related to the installation of Stage I Improvements. The DEVELOPER shall <br /> make a cash deposit into the appropriate escrow account at the City and the City shall have <br /> the au~ority to draw upon these funds for the purpose of compensating for inspection <br /> services. The mount of the deposit shall be equal to fi~,e percent (5%) of the estimated cost <br /> of the Stage I Improvements, which equates to Six Thousand Four Hundred Thirty Dollars <br /> and no cents ($6,430.00) (5% x $128,588). Upon completion of the Improvements to the <br /> satisfaction of the City, any surplus balance remaining in the City's escrow account shall be <br /> refunded to the DEVELOPER. <br /> <br />8. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br /> guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I <br /> Improvement maintenance guarantee with the CITY. Said maintenance guarantee Shall be <br /> deposited with the CITY at the time Stage I Improvements are accepted by the CITY and <br /> <br />Development Agreement/Tiger Meadows <br /> Page 3 of 12 <br /> <br />-239- <br /> <br /> <br />