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-126- <br /> <br />10. <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 <br />be deposited with the CITY at the time Stage [ 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 />$110,000= $5,500 ), .whichever is greater. Said maintenance guarantee shall be held by <br />the CITY for a one (1) year period from the date of [ts deposit. This financial guarantee <br />is for the purpose of ensuring that the S.tage I Improvements have been constructed, in <br />accordance wifl~ 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. Tlxe maintenance guarantee shall be in the <br />amount of ($10,000) <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />Stage II Improvements Required. The Stage II Improvements which the CITY <br />requires the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) <br />b) <br />c) <br />d) <br />e) <br /> <br />Street striping and signing <br />Traffic signing <br />Street s~veeping <br />Sealcoating <br />Maintenance of storm water and facilities <br /> <br />(" Stage II Improvements") <br /> <br />Payment for Stage II'Improvements. The DEVELOPER shall also deposit an amount <br />that is determined by the CITY to be adequate to aid in the operation and maintenance of <br />street lights in locations within the Plat determined by the City Engineer and installed by <br />Con_nexus Energy for the first three (3) years after final plat approval. The <br />DEVELOPER will pay to the CITY an amount equal to 100% of the City Engineer's <br />estimated construction cost of the items prior to recording of the final Plat. The City <br />Engineer's estimated cost of construction is: <br /> <br />a. Street striping and signing $ No Charge <br />b. Traffic signing (1 @ $120.00) $120.00 <br />c. Street sweeping $ 300.00 <br />d. Sealcoating (2,400 square feet ~ $0.80) $1,920.00 <br /> <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />