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-272- <br /> <br />o <br /> <br />the Stage I Improvements shall be submitted to the City Engineer for review and approval <br />pr/or to commencement of construction. <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot comer stakes prior to the installation of underground utilities. <br /> <br />Stage I Improvements Completion Date. The Stage ~ Improvements shall be completed on <br />or before <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 Six r4undred Thirteen <br />Thousand Seven Hundred Fifty Dollars and no cents ($613,750.00), which amount is 125% <br />of the City Engineer's estimated cost of the Stage I Improvements (491,000.00). The <br />financial guarantee required by this paragraph shall be' in the form of cash or a letter of credit, <br />approved as to form by the CITY. The financial guarantee shall be deposited with the CITY <br />at the time of execution of this agreement. Upon total completion, of Stage I Improvements <br />(including the removal of "temporary" erosion control measures as identified in the approved <br />Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the <br />DEVELOPER may request a reduction in the amount of the financial guarantee, but only if <br />the maintenance guarantee required by Paragraph 8 below has been deposited. <br /> <br />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 ten percent (5%) of the estimated cost <br />of the Stage I Improvements or Twenty Four Thousand Five Hundred Fifty Dollars and no <br />cents ($24,550.00) (5% x $491,000.00). Upon completion of the Improvements to the <br />satisfaction of the City, any surplus balance remaining in the City's escrow account shall be <br />refunded to the DEVELOPER. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <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 financial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000) <br />or five percent (5%) of the cost of the Stage I Improvements (5% x $491,000.00), whichever <br />is greater. Said maintenance guarantee shall be held by the CITY for a One (1) year period <br />fi.om the date of its deposit. This financial guarantee is for the purpose of ensuring that the <br />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 <br />it necessary to repair and/or replace any of the Stage I improvements. Said financial <br /> <br />Sunflower Ridge <br />Development Agreement <br />Page 1 of 12 <br /> <br /> <br />