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<br />to release.by the CITY ofthe financial guarantee required by Paragraph 6 above. The amount of <br />the maintenance guarantee shall be Ten Thousand and 00/100 Dollars and No Cents <br />($10,000.00) or five percent (5%) of the cost of the Stage I Improvements (5% x $75,083.00), <br />whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) year <br />period from the date of its deposit. This financial guarantee is for the purpose of ensuring that <br />the 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 it <br />necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee <br />shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance <br />guarantee shall be in the amount ofTen Thousand Dollars and No Cents($10,000.00). <br /> <br />9. 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 of 146th Avenue, Peridot Street N.W., and East Ramsey <br />Parkway <br />b) Traffic signing on 14dh Avenue N.W., Peridot Street N.W. and East Ramsey <br />Parkway <br />c) Street lights on 146th Avenue, Peridot Street N.W., and East Ramsey Parkway <br />d) Street light maintenance on 1461h Avenue N.W., Peridot Street N.W" and East <br />Ramsey Parkway <br />e) Street sweeping on 146th Avenue N.W., Peridot Street N.W., and East Ramsey <br />Parkway. <br />f) Seal coating on 146th Avenue, Peridot Street N.W., andEast Ramsey Parkway. <br /> <br />("Stage II Improvements") <br /> <br />10. Payment for Stage II Improvements. The CITY will install in the Plat the Stage II <br />Improvements. The DEVELOPER shall deposit an amount that is determined by the CITY to <br />be adequate to aid in the operation and maintenance of street lights in locations within the Plat <br />determined by the City Engineer and installed by Connexus for the first three (3) years after final <br />plat approval. The CITY will bill residents in the Plat at least quarterly for street light <br />maintenance and operation costs; billing will be initiated at the time a residence connects to <br />municipal water and sanitary sewer. The DEVELOPER will pay to the CITY an amount equal <br />to 100% of the City Engineer's estimated construction cost of the items prior to recording of the <br />final Plat. The City Engineer's estimated cost of construction is: <br /> <br />a) Street signing (8 @ $200 each) <br />b) Street striping (3,360 linear feet @ $.50/foot <br />c) Traffic signing (4@ $200 each) <br />d). Future Through Street Signing (Not Applicable) <br />e) Street lights (11 @ $2,600 each) <br />f) Street light maintenance (11 @ $270/1ight3 years) <br />g) Street sweeping <br />h) Seal coating (4,670 sq. yards @ $2.00/sq. yd.) <br />TOTAL <br /> <br />$ 1,600.00 <br />$ 1,680.00 <br />$ 800.00 <br />$ 00 <br />$28,600.00 <br />$ 2,970.00 <br />$ 1,000.00 <br />$ 9.340.00 <br />$45,990.00 <br /> <br />-240- <br /> <br />Ramsey Town Center 6th Addition <br />Development Contract <br />Page 4 of 15 Pages <br />