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Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br />by the City related to the installation of Stage I Improvements. The DEVELOPER shall <br />make a cash deposit into the appropriate escrow account at the City and the City shall have <br />the authority to draw upon these funds for the purpose of compensating for inspection <br />services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost <br />of the Stage I Improvements, which equates to Twenty Nine Thousand Seven Hundred Fifty <br />Dollars and no cents ($29,750.00) (5% x $595,000.00). Upon completion of the <br />Improvements to the satisfaction of the City, any surplus balance remaining in the City's <br />escrow account shall be refunded to the DEVELOPER. <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 be <br />deposited with the CITY at the time Stage I Improvements are accepted by the CITY and <br />prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarante~ shall be Ten Thousand Dollars and no cents <br />($10,000.00) tor five percent (5%) of the cost of the Stage I Improvements (Twenty Nine <br />Thousand Seven Hundred Fifty Dollars and no cents) ($29,750.00), whichever is greater. <br />Said maintenance guarantee shall be held by the CITY for a one (1) year period from the date <br />of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I <br />Improvements have been constructed in accordance with City standards and may be called <br />upon at the CITY'S discretion during said one (1) year period if the CITY determines it <br />necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee <br />shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance <br />guarantee shall be in the amount of Twenty Nine Thousand Seven Hundred Fifty Dollars and <br />no cents ($29,750.00). <br /> <br />Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of <br />Ninety Seven, Thousand Nine Hundred Fifty Six Dollars and no cents ($89,376.00) (48 units <br />x $1,862/unit) due on the Plat. <br /> <br />10. <br /> <br />Stormwater Management Fee. The current stormwater management fee is $375.00 per unit. <br />There are 48 single family lots proposed for the Plat; the three (3) existing homesteads are <br />exempt from the stormwater management fee. Therefore, there is cash payment of Sixteen <br />Thousand Eight Hundred Seventy Five Dollars and no cents ($16,875.00) due for stormwater <br />management for this Plat. <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />11. Stage II Improvements Required. The Stage II Improvements which the CITY requires <br /> the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) <br />b) <br /> <br />Street striping and signing <br />Traffic signing <br /> <br />Development Agreement/Wildlife Sanctuary 3~ Addition <br /> Page 4 of 12 <br /> <br />2~ <br /> <br /> <br />