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shall provide this temporary road easement to the CITY prior to <br />the issuance of any Building Permits in the Plat. <br /> <br />ii. Construction of trunk sewer, watermains and stormwater <br /> improvements in Zeolite Street N.W. <br /> <br />111. <br /> <br />Streetscape construction along Sunwood Drive N.W. and Zeolite <br />Street N.W. <br /> <br />("Stage I Improvements outside the Plat") <br /> <br /> The DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this Development Contract and in accordance with DEVELOPER's plans <br />submitted to the CITY. Said plans shall be in conformance with the Ramsey Town Center 3rd <br />Addition-Final Plat and Engineering-Commercial Development Phase I- Dated September 27, <br />2004, and as amended. The final construction plan for the Stage I Improvements shall be <br />submitted to the City Engineer for review and approval prior to commencement of construction. <br /> <br /> The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot corner stakes prior to the installation of underground utilities. <br /> <br /> 5. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a <br />financial guarantee to the CITY guaranteeing the construction of the Stage I Improvements and <br />their timely completion. The financial guarantee shall be in the amount of Five Hundred Seventy <br />Thousand Dollars and no cents ($570,000.00), which amount is 125% of the City Engineer's <br />estimated cost of the Stage I Improvements. The financial guarantee required by this paragraph <br />shall be in the form of cash or a letter of credit, approved as to form by the CITY. The financial <br />guarantee shall be deposited with the CITY at the time of execution of this Development <br />Contract. Upon completion of Stage I Improvements (including the removal of "temporary" <br />erosion control measures as identified in the approved Grading Plan), acceptance by the CITY, <br />supported by appropriate lien waivers, the DEVELOPER may request a reduction in the amount <br />of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below <br />has been deposited. <br /> <br /> 6. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs <br />incurred by the CITY related to the installation of Stage I Improvements. The DEVELOPER <br />shall make a cash deposit into the appropriate escrow account at the CITY and the CITY shall <br />have 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 of <br />the Stage I hnprovements of Twenty Two Thousand Seven Hundred Dollars and no cents <br />($22,700.00) (5% x $455,000.00). Upon completion of the Improvements to the satisfaction of <br />the CITY, any surplus balance remaining in the CITY's escrow account shall be refunded to the <br />DEVELOPER. <br /> <br /> 7. Stage I Improvement Maintenance Financial Guarantee. In addition to the <br />financial guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I <br /> <br />Ramsey Town Center 3rd Addition <br />Development Contract <br /> Page 3 of 10 Pages <br /> <br /> <br />