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STAGE I IMPROVEMENTS AND FINANCIAL GUARANTEES <br />1. City Code Compliance. The CITY approves the Plat conditioned on the DEVELOPER <br />developing the Plat in accordance with the applicable provisions of City Code, Section 9.50, <br />entitled Subdivision. <br />2. Conformance with Plan. The Plat shall be developed pursuant to the Final Plat Sheet <br />prepared by Hakanson Anderson Associates, Inc., dated October 13, 2008. <br />3. Incorporation of All City Code Requirements. That the recitals above and the applicable <br />provisions of the City Charter, Subdivision Code, Zoning Code and Public Improvement <br />Code of the CITY, as amended to date hereof, are incorporated herein by reference. <br />4. Stage . I Improvements Required. The improvements the CITY . requires the <br />DEVELOPER to construct within the Plat are as follows: <br />a. None <br />( "Stage I Improvements ") <br />The DEVELOPER agrees to construct the Stage I Im provements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPER'S plans <br />submitted to the CITY. Said plans shall be in conformance with the grading and utility <br />plans submitted by Hakanson Anderson Associates, Inc. dated May 30, 2008, revised <br />January /5, 2009. <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot corner stakes prior to the installation of underground utilities. <br />5. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before January 27, 2009. <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. No Stage I Improvements are being proposed with the Plat. The <br />financial guarantee shall be in the amount of Zero Dollars ($0.00) which amount is 125% of <br />the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee <br />required by this paragraph shall be in the form of cash or a letter of credit, approved as to <br />form by the CITY. The fmancial guarantee shall be deposited with the CITY at the time of <br />execution of this agreement. Upon total completion of Stage I Improvements (including the <br />removal of "temporary" erosion control measures as identified in the approved Grading <br />Michels Property <br />Development Agreement <br />January 2009 <br />Page 3 of 9 <br />—131— <br />