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-28- <br /> <br />The DEVELOPER a~-eCs to construct the Stage I hnprovernents in accordance with the <br />terms and conditions of this a~eement and in accordance with the DEVELOPERS' <br />pians submitted to the Ci~,. Said pians shall be in conformance with the Final Grading <br />and Construction Plans prepared by Loucks McLagan Associates and dated August a <br />2004 and as amended in the future. The construction plans are subject to the City <br />Engineer;s review and approval prior to commencement of construction. <br /> <br />Stage I improvements Completion Date. The Stage I Improvements shall be completed on <br />or before September 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 ~[mprovements and their <br />timely com?letJon. The financial guarantee shall be in the amount of One Hundred Eighty <br />One Thousand Two Hundred Fifty Dollars and no cents ($181,250.00), which amount is <br />[25% of' the City Engineer's estimated cost of the Stage I Improvements. The financial <br />guarantee required by this para,apb shat1 be in the form of cash or a letter of credit, <br />approved as to form by the CITY. The ten~.s or' any letter of credit shall include a i0-day <br />notice period. The financial guarantee shall be deposited with the CITY at the time of <br />execution of this a~-eemenr. From time to time as requested by the .DEVELOPER, the <br />CITY will review and amend the amount of financial guarantee based on the work <br />complered. Upon total completion of Stage [ hnprovements (including the removal of <br />"temporary" erosion control measures as identified in the approved Grading Plan) and <br />acceptance by the CITY, the DEVELOPER may request a further reduction in the amount <br />of the financial guarantee,, but only if the maintenance guarantee required by Para~'aph $ <br />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 installation of Stage [ 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, which equates to One Hundred Forty Five Thousand Dollars <br />and no cents ($7,250.00) (5% x $145,000.00). Upon completion of the h-nprovements'to the <br />satisfaction of the City, any surplus balance remaining in Ge City's escrow account shall be <br />refunded to the DEVELOPER. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Para'apb 6 above, the DEVELOPER' shall also post a .Stage <br />improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be <br />deposited with the CITY at the dine Stage I Improvements are accepted by the CITY and <br />pr/or to release by the CITY of the financial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee sIxa[i be Ten Thousand Dollars and no cents <br />(S~0,000.00) or t:~ve percent ( 5 ~r'b ) O f the cost 0f the Sta~e [ improvements ('$1~q 000 00) <br />whichever is5=r~z~.~':' ~ Said maintenance guarantee shall be i~eid by the CITY t~r a one (l), <br />vear period ti'om ~he date of' its deposit. This financial~a~r~~, -~ ~s' ~br ti~e puq)ose of <br /> <br /> <br />