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:1 <br />I <br /> I <br /> I <br /> <br /> I <br /> I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <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 <br />on or before November 30, 2002. <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 amount <br />of Twenty Four Thousand and Six Hundred Dollars and no cents ($24,600), which <br />amount is 125% of the City Engineer's estimated cost of the Stage I Improvements. The <br />financial guarantee required by this paragraph shall be in the form of cash or a letter of <br />credit, approved as to form by the CITY. The financial guarantee shall be deposited with <br />the CITY at the time of execution of this agreement. Upon total completion of Stage I <br />Improvements (including the removal of "temporary" erosion control measures as <br />identified in the approved Grading Plan),-acceptance by the CITY, supported by <br />appropriate lien waivers, the DEVELOPER may request a reduction in the amount of the <br />financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below <br />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 <br />have the authority to draw upon these funds for the purpose of compensating for <br />inspection services. The amount of the deposit shall be equal to five percent (5%) of the <br />estimated cost of the Stage I Improvements (5°./o x $19,650--$982.50)) or One Thousand <br />Dollars and no cents ($1000), whichever is greater. Upon completion of the <br />Improvements to the satisfaction of the City, any surplus balance remaining in the City's <br />escrow account shall be refunded to the DEVELOPER. The DEVELOPER shall deposit <br />$1000.00. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />'guarantee required by Paragraph 8 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. <br />The amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents <br />($10,000) or five percent (5%) of the cost of the Stage I Improvements (5% x $19,650 = <br />$983.), whichever is greater. Said maintenance guarantee shall be held by the CITY for a <br />one (1) year period from the date of its deposit. This financial guarantee is for the <br />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) <br />year 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 <br /> <br />The Ponds 2"a Addition Subdivision <br />Development Agreement <br /> Page 3 of 11 <br /> <br /> <br />