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10. <br /> <br />1I. <br /> <br />approval of the plans and specifications and approval of a final plat, to prescribe <br />requirements and the extent to which, and the manner in which the streets are to be <br />graded or improved, and that the DEVELOPER shall provide a financial guarantee <br />to the CITY to provide for the actual construction and installation of the required <br />Stage I Improvements within a period specified by the City CounciI. <br /> <br />The DEVELOPER 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 Thirteen Thousand Eight Hundred <br />Seventy Five Dollars and 00/100 ($13,875.00), which amount is 125% of the City <br />Engineer's estimated cost of the Stage I Improvements. The financial guarantee <br />required by this Paragraph shall be in the form of a Letter of Credit approved as to <br />form by the CITY. The financial guarantee required by this Paragraph shall be <br />deposited with the CITY at the time of execution of this contract. Upon total <br />completion of Stage I Improvements, acceptance by CITY, and supported by lien <br />waiver, the DEVELOPER can request (in writing) a total reduction in the amount <br />of the Lener of Credit upon providing a maintenance guarantee. <br /> <br />Stage I Improvement Maintenance Financial 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 />Improvements have been constructed in accordance with CITY standards and may <br />be called upon at the CITY'S discretion during said one (I) year period if the <br />CITY deems it necessary to repair and/or replace any 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 /> 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/Tr3ffic Signs and Seal Coating. The CITY will install in the Plat, as <br />Stage II Improvements street/traffic signs, street lights and street seal coating. The <br />DEVELOPER wilt pay to the CITY an amount equal to 100% of the City <br />Engineer's estimated consumction cost of these items prior to recording of the final <br />Plat. The cost of these items is as follows: <br /> <br />Street Cleaning <br />One (1) Traffic Sign <br />Seal Coating <br />One (I) Street Sign <br /> <br />$300.00 <br />$120.00 <br />$1050.00 <br />$120.00 <br /> <br />Total: <br /> <br />$1.590.00 <br /> <br /> I <br /> I <br /> I <br /> I <br /> i <br /> <br /> I <br /> I <br /> <br /> I <br /> I <br /> ! <br /> I <br /> ! <br /> I <br /> I <br /> I <br />ol <br /> I <br /> <br /> <br />