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WHER1 ;AS, no expenditure of CITY funds will be made until the relevant City Code <br />escrow requiren ents have been completed by the DEVELOPER. <br /> <br /> NOW, ~1 HEREFORE, the CITY and DEVELOPER agree as follows: <br /> <br /> SECTION I <br /> S~AGE I IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />o <br /> <br />City Co~e Compliance. The CITY approves the Plat conditioned on the DEVELOPER <br />developi/~g the Plat in accordance with t,h.e applicable provisions of City Code, Section <br />9.50, entttled Subdivision. <br /> ,r <br />Conformance with Plan· The Plat shall be developed pursuant to the Final Plat Plans <br />consistin~ of one (1) sheet, prepared by Swen}0n .Land Surveying, Inc., entitled Duck <br />Ridge. <br /> <br />Incorpo~;ation of All City Code Requirements. That the recitals above and the <br />applicabl~ provisions of the City Charter, Subdivision Code, Zoning Code and Public <br />Improvergent Code of the CITY, as amended to date hereof, are incorporated herein by <br />reference[ <br /> <br />Stage I~ Improvements Required. The improvements the CITY requires the <br />DEVELOPER to construct within the Plat are as follows: <br /> <br />a. S~eet restoration <br />b. L~t grading and permanent erosion control <br />c. N~atural gas <br />d. T~lephone service <br />e. Electric service ~.,~ <br /> <br />("Stage I ~mprovments") <br /> <br />The DE'~LOPER_ agrees to construct the Stage I Improvements according to the terms <br />and con~litions of this agreement and in accordance with DEVELOPERS' plans <br />submirte to City for review approval prior to commencement of <br />  the Engineer and <br />constructlon. <br /> <br />The DE~ELOPER shall be responsible for completing the rough grading and providing <br />lot corne~, stakes prior to the installation of underground utilities. <br /> <br />Stage I I~nprovements Completion Date. The Stage I Improvements shall be completed <br />on or bef~.re November l, 2004, <br /> <br />Stage I ~mprovement Financial Guarantee. The DEVELOPER shall provide a <br /> · ~O' ' ' O' <br />financial i,uarantee to the CITY guarantemng the construct~on of the Sta=e I <br />Improvements and their timely completion. The financial guarantee shall be in the <br />amount o~ Ten Thousand Dollars and no cents ($10,000.00), wh/ch amount is 125% of <br />the City ~ngineer's estimated cost of the Stage I Improvements. The financial guarantee <br /> <br /> [ . <br /> <br />-157- <br /> <br /> <br />