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<br />a. Sidewalk construction along 146th AvenueN.W., Peridot Street N.W., and East <br />Ramsey Parkway, with pedestrian ramps at all intersections and entrances to the Plat. <br />b. Street lights (installment arranged by CITY during Stage I Improvements and paid <br />for by the DEVELOPER as Stage II Improvement) along 146th Avenue N.W., <br />Peridot Street N.W., and East Ramsey Parkway. <br />c. Application of a second lift of bituminous on Peridot Street N. W. <br /> <br />("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 submitted to the <br />CITY. Said plans shall bein conformance with the Final Plat and Final Engineering Plans dated <br />January 7, 2008. All of the DEVELOPERS' plans are subjectto revisions per City Staff <br />Review Letter dated March 4,2008, revised June 17,2008. The final construction plan for the <br />Stage I 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 comer stakes prior to the installation of underground utilities. <br /> <br />The DEVELOPER shall provide a fmancial guarantee to the CITY guaranteeing the <br />construction of the Stage I Improvements and their timely completion. The financial guarantee <br />shall be in the amount of Ninety Three Thousand Eight Hundred Sixty Dollars and No Cents <br />($93,860.00), which amount is 125% of the CITY Engineer's estimated cost of the Stage I <br />Improvements. The financial guarantee required by this paragraph shall be in the form of cash or <br />a letter of credit, approved as to form by the CITY. The financial guarantee shall be deposited <br />with the CITY at the time of execution of this Agreement. Upon completion of Stage I <br />Improvements (including the removal of "temporary" erosion control measures as identified in <br />the approved Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the <br />DEVELOPER may request a reduction in the amount of the financial guarantee, but only if the <br />maintenance guarantee required by Paragraph 9 below has been deposited. <br /> <br />7. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs <br />incurred by the CITY related to the installation of Stage I Improvements. The DEVELOPER <br />shall make a cash deposit into the appropriate escrow account at the CITY and the CITY shall <br />have 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 of <br />the Stage I Improvements or Three Thousand Seven Hundred Sixty Dollars and No Cents <br />($3,760.00) (5% x $75,083.00.00). Upon completion ofthe Improvements to the satisfaction of <br />the CITY, any surplus balance remaining in the CITY's escrow account shall be refunded to the <br />DEVELOPER. . <br /> <br />8. Sta2e 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 prior <br /> <br />Ramsey Town Center 6th Addition <br />Development Contract. <br />Page 3 of 15 Pages <br /> <br />-239- <br />