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-170- <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. <br />completed on or before May 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 Six Hundred Thirteen Thousand Seven Hundred Fifty Dollars and no cents <br />($613,750.00), which amount is 125% of the City Engineer's estimated cost of the Stage I <br />Improvements (491,000.00). The financial guarantee required by this paragraph shall be <br />in the form of cash or a letter of credit, approved as to form by the CITY. The financial <br />guarantee shall be deposited with the CITY at the time of execution of this agreement. <br />Upon total completion of Stage I Improvements (including the removal of "temporary" <br />erosion control measures as identified in the approved Grading Plan), acceptance by the <br />CITY,. supported by approphate lien waivers, the DEVELOPER may request a <br />reduction in the amount of the financial guarantee, but only if the maintenance guarantee <br />required by 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 ten <br />percent (5%) of the estimated cost of the Stage I Improvements or Twenty Four Thousand <br />Five Hundred Fifty Dollars and no cents ($24,550.00) (5% x $491,000.00). Upon <br />completion of the Improvements to the satisfaction of the City, any surplus balance <br />remaining in the 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 7 <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 />$491,000.00), 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 <br />for the purpose of ensuring that the Stage I Improvements have been constructed in <br />accordance with City standards and may be called upon at the CITY'S discretion during <br />said one (1) year period if the CITY determines it necessary to repair and/or replace any <br />of the Stage I improvements. Said financial guarantee shall be in the form of a letter of <br />credit, approved as to form by the CITY. The maintenance guarantee shall be in the <br />amount of Twenty Four Thousand Five Hundred Filq:y Dollars and no cents (24,550.00). <br /> <br /> Sunflower Ridge Subdivision <br /> Development Agreement <br /> Page 3 of 12 <br /> <br />I: <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />