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i <br /> I <br />! <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />$ <br /> <br />DEVELOPMENT AGREEMENT T DELLWOOD HILLS <br /> <br />.at~ached hereto and incorporated herein and are <br /> hereinafter referred to.as'"Stage I Improvements." <br /> Sta~e I Improvements - Completion Date. The Improvement <br /> ~o~pletion date shall be on or before September 1, 1990.' <br /> <br />~ta~e I Improvement Financial Guarantee. The DEVELOPER <br />ag~es and understands that the CITY has the right, <br />priNilege and'authority pursuant to Minnesota Statutes <br />Cha~ter 462.358 and as amended as a condition precedent <br />to ithe approval of the plans and specifications and <br />app~o.val of a final plat, to prescribe requirements and <br />th~ extent to which, andthe manner in which the streets <br />areI to be graded or improved, and the installation of <br />other facilities and that'the DEVELOPER shall provide a <br />finDncial guarantee to the CITY to Provide for the actual <br />cOnstruction 'and installation of the reqg. ired .Stage I <br />Improvements within a period sPecified by the City <br />Council. .. <br /> <br />The~DEVELOPER shall provide a financial guarantee to the <br />CIT~ guaranteeing the 'constructiOn of the Stage I <br />Improvements and their timely completion. The financial <br />guarantee shall be in the amount of Thirty-seven Thousand <br />Fiv~ Hundred and 0/100 Dollars ($37,500.00), which amount <br /> ,125o of the city ~ngineer's estimated cost of the <br />Sta~e I Improvements. The financial guarantee required <br />by ~his'Paragraph 4 shall be'in the form of a Letter of <br />Credit approved as to form by the CITY. The financial <br />guarantee required by this ParagraPh 4 shall be deposited <br />with the CITY at the time of execution of this contract. <br /> <br />Upon c°mpletio~' of stage. I' Improvements acceptance by <br />CIT~, and supported by lien waiver, the DEVELOPER can <br />request (in writing) a partial reduction in the amount <br />of the. Letter of Credit <br /> <br />Sta'_~e I Improvement Maintenance Financial Guarantee. In <br />addition to the financial guarantee required by Paragraph <br />4 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said <br />r, aiDtenance guarantee shall be deposited with the CITY <br />at ,the time the Stage I Improvements are accepted by the <br />CIT~ and prior to release by the CITY of the financial <br />gua.rantee required by Paragraph '4 above.. The $10,000.00 <br />malmtenance guarantee .shall be held by the CITy for a one <br />(1)i year period from the date of its deposit. This <br />'financial guarantee is for the purpose of insuring that <br />the', Stage I Improvements have been constructed in <br /> <br /> <br />