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3 o <br /> <br />improvements in the amount of $10,000.00. This secdrity <br />shall be deposited with the City in the form of cash escrow <br />or letter of credit in a form to be acceptable to the City. <br />This security shall be held by the city for one (1) year from <br />the date of final acceptance of the improvements. <br /> <br />PARK LAND DEDICATION. The developers shall satisfy the City's <br />park dedication requirements by making a cash payment to the <br />City in the amount of 10% of the market value of the land or <br />$ <br /> <br />GRADING AND DRAINAGE PLAN. The developers shall comply with <br />grading and drainage plans submitted to and approved by the <br />city Engineer. <br /> <br />BUILDING PERMITS. The Developers agree that, in compliance <br />with the City Code, no building permits shall be issued until <br />the financial guarantee as described in Paragraph 2 above has <br />been provided. <br /> <br />STAGE II IMPROVEMENTS. The developers shall be required to <br />complete Stage II improvements (sealcoating) as provided in <br />Section 170.03 of the City Code. In addition, the Developers <br />shall provide a financial guarantee to the City for these <br />improvements. This guarantee shall be in the form of a cash <br />deposit of City approved letter of credit in the amount of <br />$ . This guarantee shall be provided to the City <br />prior to the issuance of any certificates of occupancy for <br />any structures on any lot in the plat. <br /> <br />iN WITNESS WHEREOF, the parties have executed this instrument this <br /> day of , 198 . <br /> <br />DEVELOPERS: <br /> <br />Norman D. Holm <br /> <br />Gilbern A. Menkveld <br /> <br />CITY OF RAMSEY: <br /> <br />By: By: <br /> <br />I%s Mayor <br /> <br />its City Administrator <br /> <br /> <br />