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o <br /> <br />6 <br /> <br />o <br /> <br />o <br /> <br />is dated 5/24/02, revised 2/4/03; Sheet 2 is dated 7/9/02, revised 2/4/03; Sheet 3 is dated <br />5/24/02, revised 7/22/02; additional revisions dated ). The <br />construction plans for the Stage I Improvements were submitted and are subject to the <br />City Engineer's review and approval prior to commencement of construction. <br /> <br />Stage I Improvements Completion Date. The Stage I 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 <br /> Dollars and no cents ($ ), which amount is <br />125% of the City Engineer's estimated cost of the Stage I Improvements. The financial <br />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 terms of any letter of credit shall include a 1 O-day <br />notice period. The financial guarantee shall be deposited with the CITY at the time of <br />execution of this agreement. From time to time as requested by the DEVELOPER, the <br />CITY will review and' amend the amount Of financial guarantee based on the work <br />completed. Upon total completion of Stage I Improvements (including the removal of <br />"temporary" erosion control measures as identified in the approved Grading Plan) and <br />acceptance by the CITY, the DEVELOPER may request a further reduction in the amount <br />of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 <br />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 five percent (5%) of the estimated cost <br />of the Stage I Improvements, which equates to Dollars and no <br />cents ($ ) (5% x $ ). Upon completion of the Improvements to <br />the satisfaction of the City, any surplus balance remaining in the City's escrow account shall <br />be 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 4.,) 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 <br />($10,000.00) or five percent (5%) of the cost of the Stage I 'Improvements <br />($ ), whichever is greater. Said maintenance guarantee shall be held by the <br />CITY for a one (1) year period from the date of its deposit. This financial guarantee is for <br />the purpose of ensuring that the Stage I Improvements have been constructed in accordance <br />with City standards and may be called upon at the CITY'S discretion during said one (1) year <br />period if the CITY determines it necessary to repair and/or replace any of the Stage I <br />improvements. Said financial guarantee shall be in the form of a letter of credit, approved as <br /> Development Agreement/Highlands At River Park 2"d Addition <br /> Page 3 of 11 <br /> <br />-187- <br /> <br /> <br />