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<br />Upon completion of the construction of the Required Improvements, the financial <br />guarantee shall be returned to the DEVELOPER, and the DEVELOPER shall be <br />required to provide the landscaping maintenance guarantee described in this Development <br />Agreement. The determination of completion of the construction of the Required <br />Improvements shall be made by the City Council after consultation with the City <br />Engineer. In the event the DEVELOPER fails to construct and install the Required <br />Improvements as required herein, the City Council may order the completion of the <br />Required Improvements with City day labor and/or by letting contracts for said <br />completion and draw upon the escrow for payment. Only the City Council shall have the <br />authority to direct completion of the Required Improvements and withdraw from the <br />escrow account. The DEVELOPER hereby grants permission and a license to the City <br />and/or its contractors and assigns to enter upon the Site for the purpose of completing the <br />construction and installation of the Required Improvements in the event of the <br />DEVELOPER'S default. <br /> <br />The Required Improvements shall be installed in accordance with the approved plans and <br />in accordance with CITY standards, CITY Code and plans and specifications which have <br />been prepared by a competent registered professional engineer furnished to the CITY and <br />approved by the CITY Engineer. DEVELOPER shall obtain all necessary permits from <br />all agencies before proceeding with construction. Within 30 days after the completion of <br />the Required Improvements and before the security is released, the DEVELOPER shall <br />supply the CITY with a complete set of reproducible "As Built" plans and autocad <br />drawings. A set of Autocad construction drawings shall be provided to the CITY at the <br />pre-construction meeting. <br /> <br />The DEVELOPER shall be responsible for installation of street lights internal to the <br />development and the homeowners association will be responsible for the maintenance <br />charges. <br /> <br />14. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br />by the CITY related to the installation of Required Improvements. The DEVELOPER <br />shall make a cash deposit into the appropriate escrow account at the CITY and the CITY <br />shall have the authority to draw upon these funds for the purpose of compensating for <br />inspection services. The amount of the deposit shall be equal to five percent (5%) of the <br />estimated cost of the Required Improvements, which equates to Fifty Three Thousand <br />Two Hundred Forty Dollars and No Cents ($53,240.00) (5% x $1,064,782.00). Upon <br />completion of the Required Improvements to the satisfaction of the CITY, any surplus <br />balance remaining in the City's escrow account shall be refunded to DEVELOPER. <br /> <br />15. Pavmentof Sewer and Water Trunk Charges. In accordance with the Allocation <br />Agreement between the City, the DEVELOPER, and Ramsey Town Center, LLC, sewer <br />and water trunk fees will be paid at the time of building permit. <br /> <br />16. Stormwater Management Fee. The 2008 Stormwater Management Fee is $425.00 per <br />unit. Stormwater management fee obligations for the developent are Thirty Two Thousand <br /> <br />-242- <br /> <br />Ramsey Town Center 6th Addition <br />Development Contract <br />Page 6 of 15 Pages <br />