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Stage I Improvements Required/Phasing Plan. The improvements the CITY requires the <br />DEVELOPER to construct within the Plat are as follows: <br /> <br />a. Trunk and lateral sanitary sewer system <br /> <br />Trunk and lateral watermains and appurtenances <br />Streets with concrete curb and gutter <br />Trunk and lateral storm drainage facilities <br />Lot grading and permanent erosion control ' <br />Natural gas <br />Telephone service " <br />Electric service <br />Street lights (installment arranged by CITY during Stage I Improvements and <br />paid for by DEVELOPER as Stage II Improvement) <br /> <br />("Stage I Improvements") <br /> <br />The DEVELOPER agrees to construct the Stage I Improvements in accordance with the <br />terms and conditions of this agreement and in accordance with the DEVELOPERS' <br />plans submitted to the City. Said plans shall be in conformance with the Final Grading <br />Plan prepared by Passe Engineering, Inc., dated October 2, 2002, revision date April 17, <br />2003; Construction Plans, Sheet C1 (4/17/03) C2 (6/11/03), C3(6/5/03), C4, C5 C6, C7, <br />C8 and C9 (4/29/03), also prepared by Passe Engineering, Inc. The construction plans are <br />subject to the City Engineer's review and approval prior to commencement of <br />construction. <br /> <br />Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before October 31, 2003. <br /> <br />Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. The financial guarantee shall be in the amount of Seven Hundred Forty <br />Three Thousand Seven Hundred Fifty Dollars and no cents ($743,750.00), which amount is <br />125% of the City Engineer's estimated cost of the Stage I Improvements. The financial <br />guarantee required by this paragraph shall be in the form .of cash or a letter of credit, <br />approved as to form by the CITY. The terms of any letter of credit shall include a 1 O-day <br />notice period. The financial guarantee shall be deposited with the CITY at the time of <br />execution of this agreement. From time to time as requested by the DEVELOPER, the <br />CITY will review and amend the amount of financial guarantee based on the work <br />completed. Upon total completion of Stage I .Improvements (including the removal of <br />"temporary" erosion control measures as identified in'the approved Grading Plan) and <br />acceptance by the CITY, the DEVELOPER may request a further reduction in the amount <br />of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 <br />below has been deposited. <br /> <br />Development Agreement/Wildlife Sanctuary 3~ Addition <br /> Page 3 of 12 <br /> <br />2O <br /> <br /> <br />