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or five percent (5%) of the cost of ~e Stage I Improvements (5% x $948,512), whichever is <br />greater, Said maintenance guarantee shall be held by the CITY for a one (1) year period <br />from the date of its deposit. This -financial guarantee is for the purpose of ensuring that the <br />Stage I. Improvements have been constructed in accordance with City standards and may be <br />called upon at the CITY'S discretion during said one (1) year period if the CITY determines <br />it necessary to repair and/or replace any of the Stage I improvements. Said financial <br />guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The <br />maintenance guarantee shall be in the amount of Forty Seven Thousand Four Hundred <br />Twenty Six Dollars and no cents ($47,426.00). <br /> <br />Payment of' Sewer and Water Trunk Charges. The estimated cost to extend sewer and <br />water to the SUBJECT PROPERTY is $817,780.00. The CITY herein agrees to participate <br />in the eo~ts associated with extending sewer and water to the SUBJECT PROPERTY in the <br />amount of $309,991 dollars and the DEVELOEPR will be responsible for the remaining <br />costs associated with extending CITY services to the SUBJECT PROPERTY. The <br />DEVELOPER will be reimbursed $309,991 dollars, upon the CITY receiving a copy of <br />invoice establishing completion of work and the CITY inspecting and accepting said sewer <br />and water improvements. <br /> <br />10. Stormwater Management Fee. The current Stormwater Management Fee is $375.00 per <br /> unit. Stormwater management fee obligations for the first phase is Nineteen Thousand Eight <br /> Hundred Seventy Five Dollars and no cents ($19,875) (53 x $375). <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />11. Stage II Improvements Required. The Stage II Improvements which the CITY requires <br /> the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) Street striping and signing <br />b) Traffic signing <br />c) Future Through Street Signing <br />d) Street lights <br />e) Street light maintenance <br />f) Street sweeping <br />g) Seal coating <br /> <br />("Stage II Improements") <br /> <br />12. Payment for Stage II Improvements. The CITY will install in the Plat the Stage II <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 Cormexus for the first three <br /> <br />Alpine Acres Subdivision <br />Development Agreement <br />Page 5 of 13 <br /> <br />-487- <br /> <br /> <br />