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("Stage I Improvements") <br /> <br />The DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPERS' plans <br />submitted to the CITY. Said plans shall be in conformance with the Grading Plan dated <br />July 9, 2003, Utility and Street Construction Plan dated July 9, 2003, all prepared by <br />Hakanson Anderson Associates Inc.. The final construction plan for the Stage I <br />Improvements shall be submitted to the City Engineer for review and approval prior to <br />commencement of construction. <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot coruer stakes prior to the installation of underground utilities. <br /> <br />Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before August 1, 2004. <br /> <br />Stage I Improvement Financial 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 amount of One Million One <br />Hundred Eighty Six Thousand Dollars and no cents ($1,186,000.00), which amount is 125% <br />of the City Engineer's estimated cost of the Stage I Improvements. The financial, guarantee <br />required by this paragraph shall be in the form of cash or a letter of credit, approved as to <br />form by the CITY. The financial guarantee shall be deposited with the CITY at the time of <br />execution of this agreement. Upon total completion of Stage I Improvements (including the <br />removal of "temporary" erosfon control measures as identified in the approved Grading <br />Plan), acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER <br />may request a 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 />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 authority to draw upon these funds for the purpose of compensating for inspection <br />services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost <br />of the Stage I Improvements of Forty Seven Thousand Four Hundred Twenty Six Dollars <br />and no cents ($47,426.00) (5% x $948,512.00). Upon completion o£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 />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 />prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000) <br /> Alpine Acres Subdi¥ision <br /> Development Agreement <br /> Page 4 of 13 <br /> <br /> <br />