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The DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPERS' plans <br />submitted to the CITY. Said plans shall be in conformance ~vith 'the Grading Plan, <br />Utility and Street Construction Plan dated March 8, 2004, all prepared by Hakanson <br />,amderson Associates Inc. <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot coruer stakes prior to the installation of underground utilities. <br /> <br />4. Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br /> 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 Fifty Thousand Dollars <br />and no cents ($50,000), which amount is 125% of the City Engineer's estimated cost of the <br />Stage I Improvements. The financial guarantee required by this paragraph shall be in the <br />form of cash or a letter of credit, approved as to form by the CITY. The financial guarantee <br />shall be deposited with the CITY at the time of execution of this agreement. Upon total <br />completion of Stage I improvements (including the removal of "temporary." erosi6n control <br />measures as identified in the approved Grading Plan), acceptance by the CITY, supported by <br />appropriate lien waivers, the DEVELOPER may request a reduction in the amount of the <br />financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has <br />been deposited. <br /> <br />Grading Financial Guarantee. The Stage I Improvement Financial Guarantee in section 6 <br />includes the cost of including the grading of the entire area covered within the preliminary, <br />plat of Alpine Acres Subdivision. The above financial guarantee shall not be reduced lower <br />than Sixty, Eight Thousand Doilars and no Cents ($68,000) until ali of the following <br />conditions have been satisfied (i) grading has been completed (2) turf has been established <br />sufficient to eliminate erosion; and (3) An "as built" survey of the final grading has been <br />completed which documents compliance with the approved grading plan. <br /> <br />7, <br /> <br />Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br />by the City related to the installation of Stage I Improvements. The DEVELOPER shall <br />make a cash deposit into the appropriate escrow account at the City and the City shall have <br />'the authority to draw- upon these funds for the purpose of co.mpensating for inspection <br />services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost <br />of the Stage I Improvements of Two Thousand Dollars and no Cents ($2,000) (5% x <br />$40,000). Upon completion of the improvements to the satisfaction of the City, any surplus <br />balance remaining in the City's escrow account shall be refunded to the DEVELOPER. <br /> <br />-314- <br /> <br />Alpine Acres Subdivision <br />Development Agreement <br />Page 3 of 12 <br /> <br /> <br />