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improvements. In addition to the letter of credit, the Developer <br />shall post a maintenance guarantee for these improvements in the <br />amount of $5,000.00. This security shall be deposited with the <br />City in the form of cash escrow or letter of credit in a form to <br />be acceptable to the City. This security shall be held by the <br />City for one (1) year from the date of final acceptance of the <br />improvement s. <br /> <br /> PARK LAND DEDICATION. The Developer shall satisfy the City's <br /> park dedication requirements by providing a 75 foot utility <br /> easement along the western boundary of the Plat as shown on <br /> attached Exhibit "B" for possible future park development. In <br />· addition, the beveloper shall pay to the City cash in the amount <br /> of $3,460.00 which amount is equivalent to the value of 1.73 <br /> acres of undeveloped land in the Plat. <br /> <br />GRADING_ AND DRAINAGE PLAN. The Developer shall comply with the <br />grading and drainage plans submitted to and approved by the City <br />Engineer. <br /> <br />STAG~ II IMPROVEMENTS. Pursuant to Section 170.03 of the City <br />Code.~ ,the DevelOper is required to pay for the first sealcoating <br />requ~r'ed on the Streets ~ithin the Plat. Therefore, the Developer <br />shall pay to the City the sum of $4,000.00 which is the amount the <br />City,has determined will be required to complete the sealcoating. <br />SaidF amount shall be paid to the City upon execution of this <br />agre_em'ent and shall be non-refundable to the Developer. <br /> <br />BUILDING PERMITS. The Developer agrees that, in compliance with <br />the City Code, no building permits shall be issued until 1) the <br />financial guarantee as described in Paragraph 2 above has been <br />provided, 2) the $3,460.00 park fee described in Paragraph 3 <br />above has been paid and 3) the $4,000.00 referred to in Paragraph <br />5 above has been paid. <br /> <br />.COMPLET%ON OF IMPROVEMENTS. The Developer agrees to complete <br />the Stage I improvements referred to in Paragraph 1 on or before <br />June 30, 1989. <br /> <br /> .~I_N WITNESS WHEREOF, the part~es have executed this instrument this <br /> day of ./~__77~A~* .., 198_~. <br /> <br />DEVELOPER: <br /> <br />R~chard J. S~b~antu ~ <br /> <br />CITY OF RAF~EY: ~ <br />Its {~ay o~~ ~ <br /> <br />BY: <br /> <br />Its City Administrator <br /> <br />Page 2 of 3 <br /> <br /> <br />