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Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be <br />deposited with the CITY at the time Stage I Improvements are accepted by the CITY and <br />prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents <br />($10,000.00) or five percent (5%) of the cost of the Stage I Improvements (Sixteen Thousand <br />Three Hundred Seventy Five Dollars and no cents ($16,375.00), whichever is greater. Said <br />maintenance guarantee shall be held by the CITY for a one (1) year period from the date of <br />its deposit. This financial guarantee is for the purpose of ensuring that the Stage I <br />Improvements have been constructed in accordance with City standards and may be called <br />upon at the CITY'S discretion during said one (1) year period if the CITY determines it <br />necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee <br />shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance <br />guarantee shall be in the amount of Sixteen Thousand Three Hundred Seventy Five Dollars <br />and no cents ($16,375.00). <br /> <br />Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of <br />Eighteen Thousand Six Hundred Twenty Dollars and no cents ($18,620.00) (10 units x <br />$1,862/unit) due on the Plat. <br /> <br />10. Stormwater Management Fee. The current stormwater management fee is $375.00 per unit. <br /> There are 10 single family lots proposed for the Plat; the previously existing homestead is <br /> exempt from the stormwater management fee. Therefore, there is cash payment of Three <br /> Thousand Three Hundred Seventy Five Dollars and no cents ($3,375.00) due for storrnwater <br /> management for this Plat. <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />11. Stage II Improvements Required. The Stage II Improvements which the CITY requires <br /> the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) <br />b) <br />c) <br />d) <br />e) <br />f) <br />g) <br />h) <br />i) <br />J) <br /> <br />Street striping and signing <br />Traffic signing <br />Future though street signs <br />Street lights <br />Street light maintenance and operation <br />Sealcoating <br />Street sweeping <br />Adjusting water shut-off boxes <br />Maintenance of storm water and facilities <br />Boulevard seeding <br /> <br />("Stage II Improvements") <br /> <br />Development Agreement/Highlands at River Park 4th Addition <br /> Page 4 of 11 <br /> <br /> <br />