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WHEREAS, PERMITTEE understands that the CITY will expend no CITY funds <br />until PERMITTEE has complied with the relevant escrow requirements in the Code of <br />Ordinances of the CITY. <br />NOW, THEREFORE, the CITY, PERMITTEE agree as follows: <br />Conditions of Approval. The CITY hereby approves the Plat on condition that <br />PERMITTEE provide the necessary security in accordance with the terms of this <br />Contract. <br />2. Permittee Plans. PERMITTEE shall develop the Property in accordance with the <br />Permittee Plans, with changes as required by the City Staff Review Letter dated June 28, <br />2011, revised August 3, 2011. The Permittee Plans shall not be attached to this Contract, <br />but are in CITY files.The Permittee Plans as they are: <br />• Final Plat Sheets 1 and 2 prepared by Harry S. Johnson Co., Inc. dated August 3, 2011 <br />3. Stage I Improvements. The "Stage I Improvements" are described in the Permittee Plans <br />and consist of the following: <br />a. Lateral sanitary sewer system <br />b. Lateral watermains and appurtenances <br />c. Trunk and lateral storm drainage facilities <br />d. Lot grading <br />e. Trail construction along Nowthen Boulevard <br />f. Twenty (20) foot perpetual trail easement along Saint Francis Boulevard <br />g. Natural gas <br />h. Telephone service <br />i. Electric service <br />j. Temporary and permanent erosion control <br />k. Boulevard restoration <br />1. Water shut-off boxes <br />m. Easement acquisition <br />n. As -built plans <br />PERMITTEE agrees to construct the Stage I Improvements according to the terms and <br />conditions of this Contract and in accordance with the Permittee Plans, which are subject <br />to revisions per City Staff Review Letter dated June 29., 2011, revised August 17, 2011 <br />and which shall be submitted to the City Engineer review and approval prior to execution <br />by PERMITTEE of any such contract and prior to commencement of construction of the <br />Stage I Improvements. <br />PERMITTEE shall not be assessed for any construction of a trail along Saint Francis <br />Boulevard, unless as part of a requirement for future development. PERMITTEE <br />acknowledges that any future development will be subject to certain development <br />obligations including, but not limited to, trail construction at the time of the future <br />development. The CITY agrees to consider vacating the perpetual trail easement along <br />STONEY RIVER <br />Development Contract <br />Page 2 of 13 <br />