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Improvements to the satisfaction of the City, any surplus balance remaining in the City's <br />escrow account shall be refunded to the DEVELOPER. <br /> <br />9..!Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br /> guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I <br /> Improvement maintenance guarantee with the CITY. Said maintenance guarantee for the <br /> improvements made as part of the Stage I Improvements shown are accepted by the CITY <br /> and prior to release by the CITY of the financial guarantee required by Paragraph 6 above. <br /> The amount of the maintenance guarantee for the improvements made as part of the Stage I <br /> Improvements shall be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of <br /> the cost of the Stage I Improvements (5% x $149,205 = $7,460.00), whichever is greater. <br /> Said maintenance guarantee for the improvements made as part of the Stage I Improvements <br /> shall be held by the CITY for a one (1) year period from the date of its deposit. This <br /> financial guarantee is for the purpose of ensuring that the Stage I Improvements being <br /> constructed in conjunction project have been constructed in accordance with City standards <br /> and may be called 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 CITY. <br /> The maintenance guarantee for the improvements made as part of the Plat shall be Ten <br /> Thousand Dollars and no cents ($10,000.00). <br /> <br />10. Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of <br /> ($76,920.00) (40 units x $1,923unit) due on the Plat. These charges must be paid prior to the <br /> release of the Plat for recording. <br /> <br />11. Stormwater Management Fee. The current Stormwater Management Fee is $375.00 per <br /> unit. Stormwater management fee obligations are Fifteen Thousand Dollars and no cents <br /> ($15,000.00) (40 x $375). <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />Stage II Improvements Required. The Stage II Improvements which the CITY requires <br />the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) Street striping and signing <br />b) Traffic signing <br />c) Future Through Street Signing <br />d) Street lights <br />e) Street light maintenance <br />f) Street sweeping <br />g) Seal coating <br /> <br />("Stage II Improvements") <br /> Town Center Gardens 2na Addition Subdivision <br /> Development Agreement <br /> Page 4 of 12 <br /> <br /> <br />