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10. <br /> <br />plans entitled "Site Plan for TSM Development, Inc." dated October 29, 2004, prepared <br />by James R. Hill, Inc., subject to the City Staff Review Letter dated November 19, 2004. <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 />Stage I Improvements Completion Date. The Stage I Improvements shall be completed on <br />or before December 1, 2005. <br /> <br />Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financiai <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. The DEVELOPER agrees that the financial surety required as a part of <br />Site Plan approval for the site (described in the Development Permit for TSM Development, <br />Inc.) shall also be applicable towards insuring, the improvements located within the dedicated <br />right-of-way of 148th Ave NW. <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 agrees <br />that the financial surety required as a part of Site Plan approval for the site (described in the <br />Development Permit for TSM Development, Inc.) shall also be applicable towards insuring <br />the improvements located within the dedicated right-of-way of 148th Ave NW. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 6 above, the DEVELOPER. shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be <br />deposited with the CITY at the time Stage I Improvements are accepted by the CITY and <br />prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000) <br />or five percent (5%) of the cost of the Stage I Improvements, whichever is greater. Said <br />maintenance guarantee shall be held by the CITY for a one (1) year period from the date of <br />its deposit. This financial guarantee is for the purpose of ensuring that the Stage I, <br />Improvements have been constructed in accordance with City. standards and may be called <br />upon at the CITY'S discretion during said one (1) year period if the CITY determines it <br />necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee <br />shall be in the form of a letter of credit, approved as to form by the CITY. The maintenance <br />guarantee shall be in the amount ofTen Thousand Dollars and no cents ($10,000.00). <br /> <br />The DEVELOPER agrees to pay the standard commercial trunk sewer and water charges of <br />$3,204.00 per acre and $7,135.00 per acre, respectively; on the 4.77-acre parcel. A payment <br />of $49,317.00 must be received prior to the release of the plat for recording. <br /> <br />Stormwater Management Fee. The current Stormwater Management Fee is $3,741.00 per <br />commercial area. The amount of Stormwater Management Fee due on the 4.77-acre parcel is <br />Seventeen Thousand Eight Hundred Forty-Four Dollars ($17,844.00). A cash payment will <br />be required prior to the City issuing a Building Permit. <br /> Regency Pond 4tI' Addition <br /> Development Agreement <br /> Page 3 of 9 <br /> <br /> <br />