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reduction in the amount of the Letter of Crr~t upon providing a ma/ntenance guarantee. <br /> <br />Stage I Im0rovement Maintenance Financial Guarantee. In addition to the <br />financial guarantee required by Paragraph 8 above, the DEVELOPER shall also post a <br />Stage I improvement maintenance guarantee with the CITY. Said maintenance guarantee <br />shall be deposited with the CITY at the time Stage I Improvements are accepted by the <br />CITY and prior to release by the CITY of the f'mancial guarantee required by Paragraph 8 <br />above. The $10,000 maintenance guarantee shall be held by the CITY for a one (1) year <br />period from the date of its deposit. This financial guarantee is for the purpose of ensuring <br />that the Stage I improvements have been constructed in accordance with city standards and <br />may be ca/led upon at the CITY'S discretion during said one (1) year period if the CITY <br />determines it necessary to repair and/or replace any of the Stage I improvements. Said <br />financial guarantee shall be in the form of a letter of credit, approved as to form by the <br />CITY. <br /> <br />10. <br /> <br />Satisfaction of Sewer and Water Trunk Charges. This subdivision has been <br />previously assessed for sewer and water trunk charges under City Improvement Projects <br />g91-13 and g91-14. However, the final plat being approved contains two additional <br />residential units over what had been identified on the preliminary plat and consequently has <br />two additional units beyond what had been previously assessed. The DEVELOPER <br />therefore agrees to pay two additional sewer and water trunk assessments of $1,415 each <br />for a total of Two Thousand Eight Hundred Thirty Dollars and no cents ($2,830.00) to <br />satisfy the sewer and water trunk assessments for this subdivision. <br /> <br />The CITY agrees to credit the DEVELOPER for the costs associated with the over-sizing <br />of watermaln on this project. <br /> <br />The DEVELOPER agrees to pay the amount due within thirty days (30) of the actual <br />trunk costs being determined and certified by the crrY. In the event trunk costs incurred <br />by the DEVELOPER exceed the additional $2,830.00 due, the CITY agrees to abate a <br />portion of the outstanding sewer and water trunk assessments on the lots mated w/thin this <br />subdivision. ~ <br /> <br /> <br />