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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 with-the Grading Plan, <br />Utility and Street Construction Plan dated March 8, 2004, all prepared by Hakanson <br />Anderson Associates Inc. <br /> <br />The DEVELOPER shall be responsible for completing the rough grading and .providing <br />lot corner stakes prior to the installation of under~ound utilities. <br /> <br />Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before August l, 2005. <br /> <br />Stage I Improvement FinanciaI Guarantee. The DEVELOPER shall provide a financial <br />guarantee to the ~ITY guaranteeing the construction of the Stage I Improvements and their <br />timely completionl The financial guarantee shall be in the amount of Seventy, Thousand Two <br />Hundred Fifty Thousand Dollars and no cents ($70,250), which amount is 125% of the City <br />Engineer's estimated cost of the Stage I Improvements. The financial guarantee required by <br />this paragraph shall be in the form of cash or a letter of credit, approved as to form by the <br />CITY. The financial guarantee shall be deposited with the CITY at the time of execution of <br />this agreement. 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, tb~e 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 />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 Dollars and no Cents ($68,000) until all of the following <br />conditions have been satisfied (1) grading has been completed (2) turf has been established <br />sufficient to eliminate erosion; and (3) An "as built" survey of the final Fading has been <br />completed which documents compliance with the approved grad/rig plan. <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 compensating 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 Eight Hundred Ten Dollars and no Cents <br />($2,810) (5% x $56,200). Upon completion of the improvements to the satisfaction of the <br />City, any surplus balance remaining in the City's escrow accom~t shall be refunded to the <br />DEVELOPER. <br /> <br />Alpine Acres Subdivision <br />Development Agreement <br />Page 3 of 12 <br /> <br />-335- <br /> <br /> <br />