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4 <br /> <br />jo <br /> <br />Street lights (installment arranged by CITY during Stage I Improvements and <br />paid for by DEVELOPER as Stage II Improvement) <br /> <br />("Stage I Improvements") <br /> <br />The DEVELOPER agrees to construct the Stage I Improvements according to the terms and <br />conditions of this agreement and in accordance with DEVELOPERS' plans submitted to the <br />CITY. Said plans shall be in conformance with the Grading and Drainage, Sanitary Sewer, <br />Watermain, Storm Sewer and Street Construction Plans dated June 2, 2004 and as amended <br />pursuant to City Staff Review Letter dated July 9, 2004. The final construction plan for the <br />Stage I Improvements shall be submitted to the City Engineer for review and approval prior <br />to commencement of construction. <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and providing lot <br />c6rner stakes prior to the installation of underground utilities. <br /> <br />Stage I Improvements Completion Date. The Stage I Improvements being undertaken in <br />conformance with the GRADING PLAN shall be completed on or before August 1, 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 One Hundred Eighty <br />Six Thousand Five Hundred Dollars and no cents ($186,500.00),, which amount is 125% of <br />the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee <br />required by this paragraph shall be in the form of cash or a letter of credit, approved as to <br />form by the CITY. The financial guarantee for the Stage I Improvements shall be deposited <br />with the CITY at the time of execution of this agreement and recording of final plat, <br />respectively . 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 />Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br />by the City related to the grading and installation of Stage I Improvements~ The <br />DEVELOPER shall make a cash deposit into the appropriate escrow account at the CITY <br />and the CITY shall have the authority to draw upon these funds for the purpose of <br />compensating for inspection services. The required inspection fees for work done in <br />conformance with the Stage I Improvements shall be in the amount of Seven Thousand Four <br />Hundred Sixty Dollars and No Cents ($7,460.00) (5% x $149,205) of the estimated cost of <br />the Stage I Improvements being constructed in conjunction with the Plat. The inspection <br />fees for improvements being constructed in conformance with the Plat shall be deposited <br />with the CITY prior to commencement of the Stage I Improvements. Upon completion of the <br /> <br />Town Center Gardens 2na Addition Subdivision <br />Development Agreement <br /> Page 3 of 12 <br /> <br /> <br />