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i. Rough grading in right-of-way of Bunker Lake Boulevard and required removals <br /> consistent with City plans prepared by WSB dated April 28, 2011 as amended. <br /> j. As-builts in scalable,reproducible format, public and private Stormwater ponds <br /> and utilities as part of Stage I Permittee Improvements. <br /> A Stage I Permittee Improvement Financial Guarantee shall be provided as required in <br /> Paragraph 6 below in conjuction only with items a, e, f, h, i and j above. <br /> PERMITTEE agrees to construct the Stage I.Permittee Improvements according to the. <br /> terms and conditions of this Contract and in accordance with the Permittee Plans, which <br /> are subject to revisions per City Staff Review Letter dated December 8, 2010, and which, <br /> together with each contract for construction of the Permittee Improvements, shall be <br /> submitted to the City Engineer and to PERMITTEE for their review and approval prior <br /> to execution by PERMITTEE of any such contract and prior to commencement of <br /> construction of the Stage I Permittee Improvements. <br /> 5. Assessment Agreement. PERMITTEE and the CITY shall execute and deliver an <br /> Assessment Agreement (the "Assessment Agreement"), substantially in the form and <br /> substance attached hereto as Exhibit "A" prior to commencement of the Stage I City <br /> Improvements. <br /> 6. Stage I Improvement Financial Guarantee. PERMITTEE shall not be responsible for a <br /> financial guarantee for the Stage I City Improvements. PERMITTEE shall be <br /> responsible for a financial guarantee for the Stage I Permittee Improvements to insure <br /> timely completion of the Stage I Permittee Improvements. PERMITTEE agrees that <br /> the Certificate of Occupancy shall not be released until the Stage I Permittee <br /> Improvements are completed. PERMITTEE shall be responsible for a financial <br /> guarantee for any remaining Stage I Permittee Improvements that are not complete at the <br /> time a City required Certificate of Occupancy is requested by PERMITTEE equal to the <br /> amount of 125% of the City Engineer's estimated cost of the remaining Stage I Permittee <br /> Improvements. The said financial guarantee shall be in the form of a letter of credit or <br /> cash escrow held by the CITY. PERMITTEE agrees to provide the CITY with <br /> documentation from applicable utility companies that said utility has been satisfied as to <br /> Stage I Permittee Improvements and properly paid for said workor provide appropriate <br /> lien waivers. The PERMITTEE may apply for reductions in the Letter of Credit or cash <br /> escrow as the Stage I Permittee Improvements are completed and accepted by the CITY. <br /> Upon completion of the Stage I Permittee Improvements and final inspection and <br /> acceptance by the CITY, any remaining balanced on the letter of credit or escrow <br /> account shall be promptly returned to the PERMITTEE. <br /> 7. Inspection Fees. PERMITTEE shall be responsible for all inspection costs incurred by <br /> the CITY related to the installation of the Stage I Permittee Improvements. To insure <br /> payment of the inspection costs PERMITTEE shall deposit with the CITY a cash <br /> escrow in the amount of $20,000.00 which equals 5% of the City Engineer's estimated <br /> cost of the Stage I Permittee Improvements. PERMITTEE agrees that said escrow fees <br /> may be used to address clean-up costs in the event of default by the PERMITTEE. The <br /> ALPHA DEVELOPMENT/Legacy Christian Academy <br /> Development Contract <br /> Page 4 of 16 <br />