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DEVELOPMENT AGREEMENT - NORTH FORTY 3RD ADDITION <br /> <br />Staqe I Improvement. Financial Guarantee. The DEVELOPER <br />agrees and understands that the CITY has the right, <br />privilege and authority pursuant to Minnesota Statutes <br />Chapter 462.358 and as amended as a condition precedent <br />to the approval of the plans and specifications and <br />approval of a final plat, to prescribe requirements and <br />the extent to %~hich, and the manner in which the streets <br />are to be graded or improved, and the installation of <br />other facilities and that the DEVELOPER shall provide a <br />financial guarantee to the CITY to provide for the actual <br />construction and installation of the required Stage I <br />Improvements within a period specified by the City <br />Council. <br /> <br />The DEVELOPER shall provide a financial guarantee to the <br />CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. The financial <br />guarantee shall be in the amount of One Hundred Seventy <br />Two Thousand Two Hundred Fifty and 00/100 Dollars <br />($172,250.00), which amount is 125% of the City <br />Engineer's estimated cost of the Stage I Improvements <br />that remain to be completed. The financial guarantee <br />required by this Paragraph 4 shall be in the fcrm of a <br />Letter of Credit approved as to form by the CITY. The <br />financial guarantee required by this Paragraph 4 shall <br />be in the form of a Letter of Credit approved as to form <br />by the CITY and shall be deposited with the CITY prior <br />to recording of the Final Plat. <br /> <br />Staqe I ImDrovement Maintenance Financial Guarantee. In <br /> <br />addition to the financial guarantee required by Paragraph <br />4 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said <br />maintenance guarantee shall be deposited with the CITY <br />at the time the Stage I Improvements are accepted by the <br />CITY and prior to release by the CITY of the financial <br />guarantee required by Paragraph 4 above. The $10,000.00 <br />maintenance guarantee shall be held by the CITY for a one <br />(1) year period from the date of its deposit. This <br />financial guarantee is for the purpose of insuring that <br />the Stage I Improvements have been constructed in <br />accordance with CITY standards and may be called upon at <br />the CITY's discretion during said one (1) year period if <br />the CITY deems it necessary to repair and/or replace any <br />of the Stage I Improvements. Said financial guarantee <br />shall be in the form of a Letter of Credit, approved as <br />to form by the CITY. <br /> <br />Recordinq of Contract. The DEVELOPER agrees that this <br />Development Agreement shall be recorded in the office of <br /> <br /> <br />