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PARK LAND DEDICATION. The developers shall satisfy the <br />City's park dedication requirements by making a cash payment <br />to the city in the amount of 10% of the market value of the <br />land or $9,740. <br /> <br />GRADING AND DRAINAGE PLAN. The developers shall comply with <br />grading and drainage plans submitted to and approved by the <br />city Engineer. <br /> <br />BUILDING PEk~:ITS. The Developers agree that, in compliance <br />with the City Code, no building permits shall be issued until <br />the financial guarantee as described in Paragraph 2 above has <br />been provided. <br /> <br />STAGE II IMPROVEMENTS. The developers shall be required to <br />complete Stage II improvements (sealcoazing) as provided in <br />Section 170.03 of the City Code. In addition, the Developers <br />shall provide a financial guarantee to the City for these <br />improvements. This guarantee shall be in the form of cash <br />deposit in the amount of $900.00. This guarantee shall be <br />provided to the City prior to the issuance of any <br />certificates of occupancy for any structures on any lot in <br />the plat. <br /> <br />IN WITNESS ~EREOF, the parties have executed this instrument this <br /> day of , 198 . <br /> <br />DEVELOPERS: <br /> <br />Norman D. Hc!r~ <br /> <br />Gi!ber5 A. ]4enkveld <br /> <br />CITY OF RAJ.:SEY: <br /> <br />By: By: <br /> <br />its <br /> <br />its City Adr. inisuratcr <br /> <br />/4/ <br /> <br /> <br />