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NOW, THEREFORE, the City and Developers agree as follows: <br /> <br />1, AS TO ~STAGE I" IMPR0¥EMENTS~ <br /> <br />That the balance of the assessments due against the <br />subject property for City improvement projects #84-1 <br />#84-12, ~84-13, #84-18 and ~85-15 in the amount of <br />$..__ shall be spread against each of the twelve <br />lots created by the approval and filing of the FLINTWOOD <br />HILLS 4TH ADDITION plat. The specific assessment for <br />each lot shall be as follows: <br /> <br />Lot !, Block 1: $ <br />Lot 2, Block 1: $ <br />Lot 3, Block 1: $ <br />Lot 4, Block 1: $ <br />Lot 5, Block 1: $ <br />Lot 6, Block 1: $ <br />Lot 7, Block 1: $ <br />Lot 8, Block 1: $ <br />Lot 9, Block 1: $ <br />Lot 10, Block 1: $ <br />Lot 11, Block 1: $ <br />Lot 12, Block 1: $ <br /> <br />2. AS TO "STAGE II" IMPROVE/4~NTS: <br /> <br />Be <br /> <br />The Developers agree to complete the "Stage II" <br />Improvements as required by City Code Section 170.039B, <br />paragraph I and said completion shall be in accordance <br />with the schedule outlined in Section 170.039C, <br />paragraph 3 of the City Code. <br /> <br />The Developers shall provide a financial guarantee in <br />the form of an escrow to the City to guarantee the <br />completion of the "Stage II".improvements. The escrow <br />for the "Stage II" Improvements shall be 125% of the <br />City Engineer's estimated cost of such improvements. <br />The City Engineer has estimated the cost of the <br />improvements to be $2,880.00 and therefore the required <br />escrow shall be $3,600.00. Said escrow may be by Cash <br />or letter of credit which if by letter of credit shall <br />be in form satisfactory to the City. The escrow shall <br />be provided to the City prior to the issuance of any <br />certificates of occupancy for any lot in the plat. <br /> <br />The Developers agree that this Development Agreement <br />shall be binding upon its successors and assigns. <br />Breach of any of the terms of this Development Agreement. <br />by the Developers shall be grounds for denial of <br />Building Permits for buildings in the FLINTWOOD HILLS <br />4TH ADDITION plat. <br /> <br />The term "certificate of occupancy" as used herein shall <br />be defined as: a document issued by the City's Building <br />Official which authorizes a structure to be used for its <br />intended purposes. <br /> <br /> <br />