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-84- <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 Plan <br />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 comer stakes prior to the installation of underground utilities. <br /> <br />Stage I Improvements Completion Date: The Stage I Improvements shall be completed on <br />or before October 31, 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 Seven Hundred Sixty <br />Five Thousand Four Hundred Dollars and no cents ($437,500.00), 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 financial 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 Plan), <br />acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER may <br />request a reduction in the amount of the financial guarantee, but only if the maintenance <br />guarantee required by Paragraph 8 below has been deposited. <br /> <br />Inspection Fees. The DEVELOPER shall be responsible for ali inspection costs incurred by <br />the City related to the installation of Stage ~ Improvements. The DEVELOPER shall make a <br />cash deposit into the appropriate escrow account at the City and the City shall have the <br />authority to draw upon these funds for the purp'ose of compensating for inspection services. <br />The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the <br />Stage I Improvements or Thirty Thousand Six Hundred Sixteen Dollars and no cents <br />($17,500.00) (5% x $350,000.00). Upon completion of the Improvements to the satisfaction <br />of the City, any surplus balance remaining in the City's escrow account shall be refunded to <br />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 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 7 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 $350,000.00), whichever <br /> <br />Evergreen Point Second Addition Subdivision <br />Development Agreement <br /> Page 3 of 11 <br /> <br /> <br />