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-208- <br /> <br />10. <br /> <br />and may be called upon at the CITY'S discretion during said one (1) year period if the <br />CITY determines it necessary to repair and/or replace any of the Stage I improvements. <br />Said financial guarantee shall be in the form of a letter of credit, approved as to form by <br />the CITY. <br /> <br />Payment of Sewer and Water Trunk Charges. The DEVELOPER shall pay its sewer <br />and water trunk charges of $1,657.00 per residential unit or a total of Thirty Four <br />Thousand Seven Hundred Ninety Seven Dollars and no cents ($34,797.00) (21 x <br />$1,657.00). The CITY will credit against the DEVELOPER'S mink charge the <br />construction cost of extending sewer and water to the Plat. In addition, the CITY will <br />credit the DEVELOPER fifteen (15) percent of this construction cost to cover <br />engineering and inspection associated with this extension. The CITY will also credit the <br />construction cost of oversizing the watermain from eight (8) inches to twelve (12) inches <br />against the water trunk charges. Because the construction costs for bringing the sewer <br />trunk and water trunk to the Plat exceed the City's sewer and water trunk charge of <br />$1657.00 per residential lot, this and subsequent phases of River Pines, pursuant to the <br />preliminary plat will not be required to pay said $1657.00 per lot charge. <br /> <br />Stormwater Management Fee. The CITY has enacted a Stormwater Management Fee <br />in the amount of $350.00 per lot. A cash payment in the amount of Seven Thousand <br />Three Hundred Fifty Dollars and no cents ($7,350.00) (24 lots x $350.00 per lot) is due at <br />the CITY prior to releasing the plat for recording. The stormwater management fee will <br />be utilized for assisting in the construction of a stormwater outlet for Wetland #733W, <br />which the subject development drains into. <br /> <br /> SECTION II <br />STAGE I1 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 />f) <br />g) <br />h) <br />i) <br /> <br />Inspection <br />Street striping and signing <br />Traffic signing <br />Street lights <br />Street sweeping <br />Sealcoating <br />~Adjusting water shut-off boxes <br />Maintenance of storm water and facilities <br />Boulevard seeding <br /> <br />(" Stage II Improvements") <br /> <br />I <br /> <br />I <br />I <br /> <br />I <br />I <br /> <br />I <br />I <br /> <br /> <br />