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I <br />I <br />I <br />I <br />! <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 /> <br />o <br /> <br />Drainage & Erosion Control Plan, prepared by Hakanson Anderson Associates, Inc., <br />dated August 30, 2001, revision date March 21, 2002. The final construction plan for the <br />Stage I Improvements shall be submitted to the City Engineer for review and approval <br />prior to 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 under~ound utilities. <br /> <br />Stage I Improvements Completion Date. The Stage I Improvements shall be <br />completed 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 <br />amount of One Hundred Eighteen Thousand Six Hundred Fifty Dollars and no cents <br />($118,650.00), which amount is 125% of the City Engineer's estimated cost of the Stage l <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 I Improvements or Four Thousand Seven <br />Hundred Fifty Dollars and no cents ($4,750.00) (5% x $94,922.00). Upon completion of <br />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 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 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 />$9,422.00 = $4,750.00), whichever is greater. Said maintenance guarantee shall be held <br />by the CITY tbr a one (1) year period from the date of its deposit. This financial <br />guarantee is for the purpose of ensuring that the Stage I Improvements have been <br />constructed in accordance with City standards and may be called upon at the CITY'S <br />discretion during said one (1) year period if the CITY determines it necessary to repair <br /> <br />'195- <br /> <br /> <br />