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3. Stage I Improvements. The Stage I Improvements the PERMITTEE will construct <br />or install in accordance with the Plans are as follows: <br />a. Grading <br />b. Root trenching (oak wilt management) <br />c. Tree clearing/grubbing <br />(the "Stage I Improvements"). <br />The PERMITTEE agrees to construct the Stage I Improvements according to the <br />terms and conditions of this Agreement and in accordance with the Plans and the <br />City Code. Per City Code Section 117-615, the PERMITTEE shall provide the <br />CITY with a set of re -producible as -built plans in Computer Aided Drafting (CAD) <br />format upon completion of the Stage I Improvements and acceptance by the CITY. <br />As as -built plans are a required Stage I Improvement item per City Code Section <br />117-615, the CITY will not release the required Stage I Improvement Financial <br />Guarantee noted in Section 6 below until said as -built plans are provided to the <br />CITY. Additionally, the PERMITTEE agrees to provide to the CITY the plans in <br />CAD format prior to the commencement of construction of the Stage I <br />Improvements. <br />4. Additional Requirements Related to Certain Stage I Improvements. The <br />PERMITTEE is required to hold a pre -construction meeting at CITY offices. The <br />PERMITTEE shall be responsible for contacting the CITY to schedule the pre - <br />construction meeting. The CITY will prepare the agenda for the pre -construction <br />meeting. Work within existing rights of way and roadways must be completed <br />under traffic, be brought back up to grade, and must be restored to existing <br />conditions within 24 hours. <br />5. Stage I Improvement Financial Guarantee. Prior to commencing work on the Stage <br />I Improvements, the PERMITTEE shall provide a financial guarantee, in the form <br />of cash or an irrevocable letter of credit, to the CITY guaranteeing the construction <br />of the Stage I Improvements and their timely completion. The PERMITTEE shall <br />be responsible for a financial guarantee in the amount of Forty Seven Thousand <br />Seven Hundred Seventy One Dollars and No Cents ($47,771.00), which amount is <br />125% of 20% of the grading work and 125% of the trenching and tree clearing work <br />in the Engineer's Estimate for the Stage I Improvements. Upon completion of Stage <br />I Improvements (including the removal of "temporary" erosion control measures as <br />identified in the approved Grading Plan), acceptance by the CITY, supported by <br />appropriate lien waivers, the PERMITTEE may request a reduction in the amount <br />of the financial guarantee. The accepted engineer' s estimate is attached as Exhibit <br />C hereto. <br />6. Inspection Fees for the Stage I Improvements. The PERMITTEE shall provide an <br />inspection fee to the CITY to inspect the Stage I Improvements. The <br />2 <br />