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o <br /> <br />o <br /> <br />a. Trunk and lateral sanitary sewer system <br />b. Trunk and lateral watermains and appurtenances <br />c. Streets with concrete curb and gutter <br />d. Trunk and lateral storm drainage facilities <br />e. Lot grading and permanent erosion control <br />f. Off-site sidewalk construction on north side 146th Ave from the eastern edge of the Plat to <br /> Potassium St. NW <br />g. Off-site sidewalk construction on north side of 145th Ave. from Potassium St. NW to <br /> Sunwood Dr. NW <br />h. Natural gas <br />i. Telephone service <br />j. Electric service <br />k. Street lights (installment arranged by CITY during Stage I improvements and <br /> paid for by DEVELOPER as Stage II Improvement) <br /> <br />("Stage I Improvements") <br /> <br />The DEVELOPER agrees to construct the Stage I improvements in accordance with the <br />terms and conditions of this agreement and in accordance with the DEVELOPERS' <br />plans submitted to the City. Said plans shall be in conformance with the Final Grading <br />Plan prepared by Loucks McLagan Associates and dated March 18, 2003; Construction <br />Plans, Sheets C0-1, C0-2, C0-3, C4-1-C4-6, C5-1 - C5-9, C9-1-C9-4 aisc prepared by <br />Loucks McLagan Associates and dated March 18, 2003 and March 24, 2003. The <br />construction plans are subject to the City Engineer's review and approval prior to <br />commencement of construction. <br /> <br />Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before November 1, 2003. <br /> <br />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 Million Twenty <br />Nine Thousand Two Hundred Dollars and no cents ($1,029,200.00), which amount is 125% <br />of 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 terms of any letter of credit shall include a 10-day notice period. <br />The financial guarantee shall be deposited with the CITY at the time of execution of this <br />agreement. From time to time as requested by the DEVELOPER, the CITY will review and <br />amend the amount of financial guarantee based on the work completed. Upon total <br />completion of Stage I Improvements (including the removal of "temporary" erosion control. <br />measures as identified in the approved Grading Plan) and acceptance by the CITY, the <br />DEVELOPER may request a further reduction in the amount of the financial guarantee, but <br />only if the maintenance guarantee required by Paragraph 8 below has been deposited. <br /> <br />Development Agreement/Village of Sunfish Lake <br /> Page 3 of 12 <br /> <br />-155- <br /> <br /> <br />