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o <br /> <br />o <br /> <br />ho <br /> <br />Telephone service <br />Electric service <br />Street lights (installment arranged by CITY during Stage I Improvements and <br />paid for by DEVELOPER as Stage II Improvement) <br /> <br />("Stage I Improvements") <br /> <br />The DEVELOPER agrees to construct the Stage I Improvements in accordance with the <br />terms and conditions of this agreement and in accordance with the DEVELOPERS' <br />plans submitted to the City. Said plans shall be in conformance with the Final Grading <br />Plan prepared by Westwood Professional Services, Inc., dated March 21, 2003; the Tree <br />Preservation Plan dated August 5, 2002, the Landscaping Plan dated August 25, 2002 and <br />Construction Plans dated March 21, 2003, also prepared by Westwood Professional <br />Services, Inc. The construction plans are subject to the City Engineer's review and <br />approval prior to commencement of construction. <br /> <br />Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before January 1, 2005. <br /> <br />Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. The financial guarantee shall be in the amount of Three Hundred Twenty <br />Seven Thousand Five Hundred Dollars and no cents ($327,500.00), which amount is 125% of <br />the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee <br />required by this paragraph shall be in the form of cash or a letter of credit, approved as to <br />form by the CITY. The terms of any letter of credit shall include a 1 O-day notice period. <br />The financial guarantee shall be deposited with the CITY at the time of execution of this <br />agreement. From time to time as requested by the DEVELOPER, the CITY will review and <br />amend the amount of financial guarantee based on the work completed. Upon total <br />completion of Stage I Improvements (including the removal of "temporary" erosion control <br />measures as identified in the approved Grading Plan) and acceptance by the CITY, the <br />DEVELOPER may request a further reduction in the amount of the financial guarantee, but <br />only if the maintenance guarantee required by Paragraph 8 below has been deposited. <br /> <br />Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br />by the City related to the installation of Stage ! Improvements. The DEVELOPER shall <br />make a cash deposit into the appropriate escrow account at the City and the City shall have <br />the authority to draw upon these funds for the purpose of compensating for inspection <br />services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost <br />of the Stage I Improvements, which equates to Sixteen Thousand Three Hundred Seventy <br />Five Dollars and no cents ($16,375.00). Upon completion of the Improvements to the <br />satisfaction of the City, any surplus balance remaining in the City's escrow account shall be <br />refunded to the DEVELOPER. <br /> <br />Development Agreement/Highlands at River Park 4th Addition <br /> Page 3 of 11 <br /> <br /> <br />