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graded or improved, and thal thc DEVEL()I'ER shall provide a financial guarantee <br />to the CITY to provide for the actual construction and installation of the required <br />Stage I lmprovemems within a period specified by the City Council. <br /> <br />The DEVEL()PER shall provide a financial guarantee to the CITY guaranteeing <br />the construction of the Stage I Improvements and their timely completion. The <br />financial guarantee shall be in the amount of Seventeen Thousand Dollars and <br />00/100 ($17,000.00), which amount is 125% of the City Engineer's estimated cost <br />of the Stage I Improvements. The financial guarantee required by this Paragraph <br />shall be in the form of a Letter of Credit approved as to form by the CITY. The <br />financial guarantee required by this Paragraph shall be deposited with the CITY at <br />the time of execution of this contract. Upon total completion of Stage I <br />improvements, acceptance by CITY, and supported by lien waiver, the <br />DEVELOPER can request (in writing) a total reduction in the amount of the Letter <br />of Credit upon providing a maintenance guarantee. <br /> <br />Stage I Imnrovement Mainlenance Financi~I ,Guarantee. In addition to <br />the financial guarantee required by the Paragraph 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 />financial guarantee required by the Paragraph above. The $10,000 maintenance <br />guarantee shall be held by the CITY for a one (1) year period from the date of its <br />deposit. This financial guarantee is for the purpose of insuring that the Stage I <br />Improvemems have been constructed in accordance with CITY standards and may <br />be called upon at the CITY'S discretion during said one (1) year period if the <br />CITY deems it necessary to repair and/or replace an), of the Stage I Improvements. <br />Said financial guarantee shall be in the form of a Letter of Credit, approved as to <br />form by the CITY. <br /> <br />10. <br /> <br />11. <br /> <br /> II. <br />STAGE II IMPROVEMENTS <br /> <br />Street Cleaning. From time to time, the CITY may remove accumulations of <br />soil, earth and debris from the streets resulting from the construction of the Plat. It <br />shall be the DEVELOPER'S responsibility to pay the costs associated with this <br />necessary street cleaning. Invoices from the CITY to DEVELOPER for such <br />costs shall be paid within fifteen (15) days of the date of invoice. <br /> <br />Street/Traffic Signs and Seal Coaling. The CITY will install in the Plat, as <br />Stag: I1 Improvements street/traffic signs, street lights and street seal coating. The <br />DEVELOPER will pay to the CITY an amount equal to 100% of the City <br />Engineer s estimated cost of these items prior to recording of the final Plat. The <br />estimated cost of these items is as follows: <br /> <br />One (1) Street Light <br />Street Cleaning <br />Four (4) Traffic Signs <br />Seal Coating <br />Three (3) S~'eet Signs <br /> <br />$1,200.00 <br />300.00 <br />480.00 <br />3,000.00 <br />360.00 <br /> <br />Total: <br /> <br />$5,340.00 <br /> <br /> <br />