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i. Rough grading in right -of -way of Bunker Lake Boulevard and required removals <br />consistent with City plans prepared by WSB dated <br />J- <br />As- builts in scalable, reproducible format, public and private Stormwater ponds <br />and utilities as part of Stage I Permittee Improvements. <br />A Stage I Permittee Improvement Financial Guarantee shall be provided as required in <br />Paragraph 6 below in conjuction only with items a, e, f, h, i and j above. <br />PERMITTEE agrees to construct the Stage I Permittee Improvements according to the <br />terms and conditions of this Contract and in accordance with the Permittee Plans, which <br />are subject to revisions per City Staff Review Letter dated December 8, 2010, and which, <br />together with each contract for construction of the Permittee Improvements, shall be <br />submitted to the City Engineer and to PERMITTEE for their review and approval prior <br />to execution by PERMITTEE of any such contract and prior to commencement of <br />construction of the Stage I Permittee Improvements. <br />5. Assessment Agreement. PERMITTEE and the CITY shall execute and deliver an <br />Assessment Agreement (the "Assessment Agreement "), substantially in the form and <br />substance attached hereto as Exhibit "A" prior to commencement of the Stage I City <br />Improvements. <br />6. Stage I Improvement Financial Guarantee. PERMITTEE shall not be responsible for a <br />financial guarantee for the Stage I City Improvements. PERMITTEE shall be <br />responsible for a financial guarantee for the Stage I Permittee Improvements to insure <br />timely completion of the Stage I Permittee Improvements. PERMITTEE agrees that <br />the Certificate of Occupancy shall not be released until the Stage I Permittee <br />Improvements are completed. PERMITTEE shall be responsible for a financial <br />guarantee for any remaining Stage I Permittee Improvements that are not complete at the <br />time a City required Certificate of Occupancy is requested by PERMITTEE equal to the <br />amount of 125% of the City Engineer's estimated cost of the remaining Stage I Permittee <br />Improvements. The said financial guarantee shall be in the form of a letter of credit or <br />cash escrow held by the CITY. PERMITTEE agrees to provide the City with <br />documentation from applicable utility companies that said utility has been satisfied as to <br />Stage I Permittee Improvements and properly paid for said workor provide appropriate <br />lien waivers. The PERMITTEE may apply for reductions in the Letter of Credit or cash <br />escrow as the Stage I Permittee Improvements are completed and accepted by the City. <br />Upon completion of the Stage I Permittee Improvements and final inspection and <br />acceptance by the City, any remaining balanced on the letter of credit or escrow account <br />shall be promptly returned to the Permittee. <br />7. Inspection Fees. PERMITTEE shall be responsible for all inspection costs incurred by <br />the CITY related to the installation of the Stage I Permittee Improvements. <br />PERMITTEE shall be responsible for all inspection costs incurred by the CITY related <br />to the installation of the Stage I Permittee Improvements in the amount of Dollars <br />and No Cents ($ .00), which equals 5% of the City Engineer's estimated cost of the <br />Stage I Permittee Improvements. PERMITTEE shall deposit said amount as a cash <br />ALPHA DEVELOPMENT /Legacy Christian Academy <br />Development Contract <br />Page 4 of 18 <br />