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-232- <br /> <br />The DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPERS' plans <br />submitted to the CITY. Said plans shall be in general conformance with the Grading <br />Plan prepared by John Oliver and Associates. The final construction plan for the Stage I <br />Improvements shall be submitted to the City Engineer for review and approval prior to <br />commencement of construction. <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot coruer stakes prior to the installation of underground utilities. <br /> <br />Stage I Improvements Completion Date. <br />completed on or before October 31, 2003. <br /> <br />The Stage I Improvements shall be <br /> <br />Stage I Improvement Financial Guarantee. The DEVELOPER-shall provide a <br />financial guarantee to the CITY guaranteeing the construction of the Stage .I <br />Improvements and their timely completion. The financial guarantee shall be in the <br />amount of Four Hundred Th/rty Seven Thousand Five Hundred Dollars and no cents <br />($437,$00.00), which amount is 125% of the City Engineer's estimated cost of the Stage I <br />Improvements. The financial guarantee required by this paragraph shall be in the.form of <br />cash or a letter of credit, approved as to form by the CITY. The financial guarantee shall <br />be deposited with the CITY at the time of execution of this agreement. Upon total <br />completion of Stage I Improvements (including the removal of "temporary" erosion <br />control measures as identified in the approved Grading Plan), acceptance by the CITY, <br />supported by appropriate lien waivers, the DEVELOPER may request a reduction in the <br />amount of the financial guarantee, but only if the maintenance guarantee required by <br />Paragraph 8 below has been deposited. <br /> <br />Inspection Fees. The DEVELOPER shall be responsible for all inspection costs <br />incurred by the City related to the installation of Stage I Improvements. The <br />DEVELOPER shall make a cash deposit into the appropriate escrow account at the City <br />and the City shall have the authority to draw upon these funds for the purpose of <br />compensating for inspection services. The amount of the deposit shall be equal to five <br />percent (5%) of the estimated cost of the Stage ~ Improvements or Seventeen Thousand <br />Five Hundred Dollars and no cents ($17,500.00) (5% x $350,000.00). Upon completion <br />of the Improvements to the satisfaction of the City, any surplus balance remaining in the <br />City's escrow account shall be refunded to the DEVELOPER. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 7 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall <br />be deposited with the CITY at the time Stage I Improvements are accepted by the CITY <br />and prior to release by the CITY of the financial guarantee required by Paragraph 6 <br />above. The amount of the maintenance guarantee shall, be Ten Thousand Dollars and no <br />cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements (5% x <br /> <br />Evergreen Point Second Addition Subdivision <br />Development Agreement <br /> Page 3 of 11 <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />i <br /> I <br /> I <br />I <br /> <br />I <br />I <br /> <br />I <br /> <br />I <br />I <br /> <br /> <br />