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DEVELOPMENT CONTRACT - NORTHFORK THIRD <br /> <br />"STAGE !" IMPROVEMENTS: <br /> <br />Compliance with City Code, That the recitals above and the provisions of the <br />City Charter, Subdivision Code, Zoning Code and Public improvement Code of the <br />CITY as amended to date hereof, are incorporated herein by reference. <br /> <br />Sta~e I Im_Drovements Re~_~jired, The DEVELOPER agrees to construct the <br />required Stage I Improvements according to the term sand conditions of this <br />contract and in accordance with DEVELOPER's plans submitted to the CITY and <br />approved by the City Engineer. Said plans consist of ~ sheets, are dated <br /> ., and are drawn by The Stage I <br />Improvements required to be constructed are those as shown on the above <br />referenced plans. The plans are attached hereto and incorporated herein and are <br />hereinafter referred to as "Stage I Improvements." <br /> <br />Staoe I Improvement Financial Guarantee. The Improvements completion <br />date shall be as follows: Phase I on or before June 1, 1990; Phase II on or before <br />September 1, 1990; and Phase III on or before November 1, 1990. the Phase <br />areas are as shown on the attached exhibit, entitled "Phase Designations". <br /> <br />Sta{3e ! Im.Drovement Financial Guarantee. The DEVELOPER agrees and <br />understands that the CITY has the right, privilege and authority pursuant to <br />Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to <br />the approval of the plans and specifications and approval of a final plat, to <br />prescribe requirements and the extent to which, and the manner in which the <br />streets are to be graded or improved, and the installation of other facilities and <br />that the DEVELOPER shall provide a financial guarantee to the CITY to provide <br />for the actual construction and installation of the required Stage ! Improvements <br />within a period specified by the City Council. The DEVELOPER shall provide a <br />financial guarantee to the CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. The financial guarantee shall be in <br />the amount of Sixteen Thousand Seven Hundred and 0/100 Dollars <br />($16,700.00) for Phase I; Eighty three Thousand and 0/100 Dollars <br />($83,000.00) for Phase I[; and Thirty five Thousand and 0/100 Dollars <br />($35,000.00) for Phase Ill. Said amounts are 125% of the City Engineer's <br />estimated cost of the Stage I Improvements. The financial guarantees required by <br />this Paragraph 4 shall be in the form of a Letter of Credit approved as to form by <br />the CITY. The financial guarantees required by this Paragraph 4 shall be <br />deposited with the CITY prior to recording of the Final Plat. <br /> <br />Sta(~e I Improvement Maintenance Fina.n.¢ial Guarantee. In addition to <br />the financial guarantee required by Paragraph 4 above, the DEVELOPER shall <br />also post a Stage I Improvement maintenance guarantee with the CITY. Said <br />maintenance guarantee shall be deposited with the CiTY at the time the Stage I <br />Improvements are accepted by the CITY and prior to release by the CITY of the <br /> <br /> <br />