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10. <br /> <br />I1. <br /> <br />Th.~ DEVELOPERS shall provide a financial guarantee to the CITY guaranteeing <br />tlc construction of the Stage I Improvements and their timely completion. The <br />fi!a racial guarantee shall be in the amount of One Hundred Twelve Thousand Four <br />Hundred Dollars ($112,400.00), which amount is 125% of the City Engineer's <br />est mated cost of the Stage I Improvements. The financial guarantee required by <br />thi Paragraph 6 shall be in the form of a Letter of Credit approved as to form by <br />the CITY. The financial guarantee required by this Paragraph 6 shall be deposited <br />w/ih the CITY at the time of execution of this contract. Upon total completion of <br />Sl4ge I Improvements, acceptance by CITY, and supported by lien waiver, the <br />DISVELOPERS can request (in writing) a total reduction in the amount of the <br />Letter of Credit upon providing a maintenance guarantee. <br /> <br />the <br /> als <br /> ma <br />lm <br /> <br /> gu~ <br />der <br /> <br />ige I ImDrovement Maintenance Financial Guaranlee. In addition to <br />!financial guarantee required by Paragraph 6 above, the DEVELOPERS shall <br />> post a Stage I Improvement maintenance guarantee with the CITY. Said <br />.ntenance guarantee shall be deposited with the CITY at the time the Stage I <br />~rovements are accepted by the CITY and prior to release by the CITY of the <br />racial guarantee required by Paragraph 6 above. The $10,000 maintenance <br />rantee shall be held by the CITY for a one (1) year period from the date of its <br />osit. This financial guarantee is for the purpose of insuring that the Stage I <br />~rovements have been constructed in accordance with CITY standards and may <br /> <br /> Iml <br /> be :ailed upon at the CITY'S discretion during said one (1) year period if the <br /> CITY deems it necessary to repair and/or replace any of the Stage I Improvements. <br /> Saiel 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 />soilf 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 />~nec~ssary street cleaning. Invoices from the CITY to DEVELOPER for such <br />coS{s shall be paid within fifteen (15) days of the date of invoice. <br /> <br />iStr <br />.ista <br />~DE <br /> <br /> !Pla~ <br /> <br />~t/Traffic Signs and Seal Coating. The CITY will install in the Plat, as <br />I¢ II Improvements street/traffic signs, street lights and street seal coating. <br />VELOPERS will pay to the CITY an amount equal to 100% of the City <br />ineer's estimated construction cost of these items prior to recording of the final <br /> The cost of these items is as follows: <br /> <br />Street Cleaning <br />One Street Light <br />Street Light Maintenance & Operation for 3 Years <br />One Traffic Sign <br />Seal Coating <br /> <br />$300.00 <br />$413.00 <br />$232.00 <br />$125.00 <br />$2,000.00 <br /> <br />Total: $3,070.00 <br /> <br />I <br />I <br />I <br /> <br />12. <br /> <br />Surfaced Drivcwi~v.$ :pnd $9Oded .Bo~jlevlard$. <br /> <br />DEVELOPMENT AGREEMENT <br /> HUNTERS RIDGE ADDITION <br /> Page 3 of 7 <br /> <br />Hardsurface <br /> <br /> <br />