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o <br /> <br />o <br /> <br />° <br /> <br />(e) <br /> <br />(g) <br />(h) <br />(i) <br /> <br />Restoration of all non paved areas with topsoil seed, and mulch <br />Sidewalk construction on the south and west side of Tungsten Street between Sodium <br />Street <br />Natural gas within the final plat of Alpine Acres <br />Telephone services <br />Electrical service <br />Street lights <br /> <br />("Stage I Improvements") <br /> <br />The DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPERS' plans <br />submitted to the CITY. Said plans shall be in conformance with the Grading Plan, <br />Utility and Street Construction Plan dated March 8, 2004, all prepared by Hakanson <br />Anderson Associates Inc. <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot comer stakes prior to the installation of underground utilities. <br /> <br />Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before May l, 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 Nine Hundred Thirty <br />Two Dollars and no cents ($932,000), which amount is 125% of the City Engineer's <br />estimated cost of the Stage I Improvements. The financial guarantee required by this <br />paragraph shall be in the form of cash or a letter of credit, approved as to form by the CITY. <br />The financial guarantee shall be deposited with the CITY at the time of execution of this <br />agreement. Upon total completion of Stage I Improvements (including the removal of <br />"temporary" erosion control measures as identified in the approved Grading Plan), <br />acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER may <br />request a reduction in the amount of the financial guarantee, but only if the maintenance <br />guarantee required by Paragraph 8 below has been deposited. <br /> <br />Grading Financial Guarantee. The Developer shall provide a financial guarantee to the <br />City guaranteeing the grading of the entire area covered within the approved Preliminary Plat <br />of Alpine Acres and Alpine Acres 2na addition. The financial guarantee shall be in the <br />amount of Sixty Eight Thousand Dollars and no cents ($68,000), which is 125% of the City <br />Engineer's estimated cost of the Stage 1 improvements. The financial guarantee required by <br />this paragraph shall be in the form of cash or letter of credit, approved as to from by the City. <br />The financial guarantee shall be deposited with the City at the time of execution of this <br />agreement. This financial guarantee shall be released when all of the .following conditions <br />have been satisfied (1) grading has been completed (2) turf has been established sufficient to <br /> <br />Alpine Acres Subdivision <br />Development Agreement <br />Page 3 of 12 <br /> <br /> <br />