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<br />The DEVELOPER agrees to construct the Stage I Improvements.according to the terms and <br />conditions of this agreement and in accordance with DEVELOPERS'plans submitted to the <br />CITY. Said plans shall be in conformance with the seven-sheet set of plans described in <br />Item 2 of this Agreement. <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and providing lot <br />corner stakes prior to the installation of underground utilities. . <br /> <br />5. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before October 1,2009. <br /> <br />6. 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 Hundred Fourteen <br />Thousand Three Hundred Dollars and no cents ($ 114,300.00), which amount is 125% of the <br />City Engineer's estimated cost of the Stage I Improvements. The financial guarantee required <br />by this paragraph shall be in the form .of cash or a letter of credit, approved as to form by the <br />CITY. The financial guarantee shall be deposited with the CITY at the time of execution of <br />this agreement. Upon total completion of Stage I Improvements (including the removal of <br />"temporary" erosion control measures as identified in. the approved Grading Plan), <br />acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER may <br />request a reduction in the amount of the fmancial guarantee, but only if the maintenance <br />guarantee required by Paragraph 9 below has been deposited. <br /> <br />7. 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 ($4,575.00) or Ten Thousand Dollars and no cents ($10,000), <br />whichever is greater. Upon completion of the Improvements to the satisfaction of the City, <br />any surplus balance remaining in the City's escrow account shall be refunded to the <br />DEVELOPER. The DEVELOPER shall make a cash deposit of Ten Thousand Dollars <br />Dollars and no cents ($10,000.00) for inspection fees. <br /> <br />8. Stage I. Improvement Maintenance Financial.Guarantee. In addition to the fmancial <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 fmancial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee shall' be Ten Thousand Dollars and no cents <br />($10,000.00) or five. percent (5%) of the cost of the Stage I Improvements ($4,575.00), <br />whichever is greater. Said maintenance guarantee shall be held by the CITY for a one (1) <br />year period from the date of its deposit. This financial guarantee is for the purpose of <br />ensuring that the Stage I Improvements have been constructed in accordance with City <br />Saint Katharine Drexel Catholic Church <br />Development Agreement <br />Page 3 of9 <br /> <br />-246- <br />