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prior to release by the CITY of th~'tSnancial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents <br />($10,000.00). or five percent (5%) of the cost of the Stage I Improvements ($128,588), <br />whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) <br />year period from the date of its deposit. This financial guarantee is for the purpose of <br />ensuring that the Stage I Improvements have been constructed in accordance with City <br />standards and may be called upon at the CITY'S discretion during said one (1) year period if <br />the CITY determines it necessary to repair and/or replace any of the Stage I improvements. <br />Said financial guarantee shall be in the form of a letter of credit, approved as to form by the <br />CITY. The maintenance guarantee shall be in the amount of Ten Thousand Dollars and no <br />cents ($10,000). <br /> <br />Stormwater Management Fee. The current stormwater management fee is $375.00 per unit. <br />There are 11 new single family lots being created as part of the Plat; the one (1) existing <br />homestead is-.exempt-from the stormwater management fee. Therefore, there is a cash <br />payment of Four Thousand One Hundred Twenty Five Dollars and no cents ($4,125.00) due <br />for stormwater management for th/s Plat. <br /> <br /> SECTION II <br />STAGE II IlVlPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />11. Stage II Improvements Required. The Stage II Improvements which the CITY requires <br /> the DEVELOPER to construct with/n the Plat are as follows: <br /> <br />a) <br />b) <br />c) <br />d) <br />e) <br />f) <br />g) <br /> <br />Street striping and signing <br />Traffic signing : <br />Future though street signs <br />Sealcoating <br />Street sweeping <br />Maintenance of storm water and facilities <br />Boulevard seeding <br /> <br />("Stage II Improvements") <br /> <br />12. <br /> <br />Payment for Stage II Improvements, The CITY will install in the Plat the Stage F! <br />Improvements. The DEVELOPER shall also deposit an amount that is determined by the <br />CITY to be adequate to aid in the operation and maintenance of street lights in locations <br />within the Plat determined by the City Engineer and installed by Con_nexus for the first three <br />(3) years after final plat approval. The CITY will bill residents in the Plat at least quarterly <br />for street light maintenance and operation costs; billing will be initiated at the time a <br />residence connects to municipal water and sanitary sewer. The DEVELOPER will pay to <br />the CITY an amount equal to 100% of the City Engineer's estimated construction cost of the <br />items prior to recording of the final Plat. The City Engineer's estimated cost of construction <br />is: <br /> <br />-240- <br /> <br />Development Agreement/Tiger Meadows <br /> Page 4 of 12 <br /> <br /> <br />