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! <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 /> <br />agrees to construct the Stage I Improvements according to the terms and conditions of <br />this agreement and in accordance with DEVELOPERS' plans submitted to the CITY. <br />Said plans shall be in general conformance with the Grading Plan prepared by Passe <br />Engineering, Inc., dated March 11, 1997, revision date March 4, 1998 and the Tree <br />Preservation Plan prepared by Passe Engineering, Inc. and dated March 18, 1997, <br />revision date February 18, 1998. The final construction plan for the Stage I <br />Improvements shall be submitted to the City Engineer for review and approval prior to <br />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 underground utilities. <br /> <br />Restricted Access. The DEVELOPER shall deposit with the CITY a non-refundable <br />sum of One Thousand Five Hundred Dollars-and no cents ($1,500.00) to defray, the <br />CITY'S expenses associated with the installation of a gate at the intersection of 158th <br />Avenue N.W. and Potassium Street N.W.. In addition, said gate installation shall be at <br />such time as 158th Avenue N.W. is accepted for use by the CITY. <br /> <br />Stage I Improvements Completion Date. <br />completed on or before July 15, 2000. <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 Two Hundred Forty Five Thousand Dollars and no cents ($245,000.00), 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, acceptance 'by' the CITY, supported by appropriate lien waivers, the <br />DEVELOPER may request a reduction in the amount of the financial guarantee, but only <br />if the maintenance guarantee required by Paragraph 7 below has been deposited. <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 $10,000 maintenance guarantee shall be held by the CITY for a one (1) year <br />period from the date of its deposit. This financial guarantee is for the purpose of ensuring <br />that the Stage I improvements have been constructed in accordance with City standards <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 />-219- <br /> <br /> <br />