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11. Reauired Private Improvements. The private improvements the PERMITTEE will <br />construct or install are as follows: <br />a. Sanitary sewer <br />b. Water <br />c. Storm drainage facilities <br />d. Stormwater maintenance <br />e. Parking lot <br />f. Concrete curb and gutter <br />g. Lot grading <br />h. Landscaping <br />12. Financial Guaranty for Stage I Improvements. Stage II Improvements. and Reauired <br />Private Improvements. The PERMITTEE shall provide a financial guarantee to the CITY <br />guaranteeing the construction of the Stage I Improvements, Stage II Improvements, <br />Required Private Improvements, and their timely completion. The PERMITTEE shall be <br />responsible for a financial guarantee in the amount of ($950,000.00), which amount is <br />approximately 125% of the CITY Engineer's estimated cost of the Stage I Improvements. <br />Upon completion of Stage I Improvements, Stage II Improvements, and Required Private <br />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 of the <br />financial guarantee. <br />13. Inspection Fees for the Stage I Improvements. Stage II Improvements. and Reauired <br />Private Improvements. The PERMITTEE shall provide an inspection fee to the CITY to <br />inspect the Stage I Improvements, Stage II Improvements, and Required Private <br />Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount <br />of ($50,000.00), which amount is approximately 5% of the City Engineer's estimated cost <br />of the Stage I Improvements, Stage II Improvements, and Required Private Improvements. <br />The inspection fee must be in the form of a cash escrow. The PERMITTEE may request <br />a refund of the remaining balance in the escrow upon completion of the Stage I <br />Improvements, Stage II Improvements, and Required Private Improvements, acceptance <br />by the CITY. <br />14. Warranty for Stage I and Stag e II Improvements. The PERMITTEE shall provide a one <br />year warranty in the amount of $250,000.00, which is approximately 25% of the cost of <br />the Stage I and Stage II Improvements. Said warranty shall be in force for one year <br />following the final acceptance of any required improvements and shall guarantee <br />satisfactory performance of said improvement. The warranty must be in the form of a <br />Letter of Credit in a form acceptable to the CITY'S Finance Director or a cash escrow. <br />15. Street Cleaning and Clean Un. After the street surfacing that is a part of the Stage I <br />Improvements is installed, the PERMITTEE shall clear any soil, earth, or debris from the <br />streets. From time to time, the CITY may remove accumulations of soil, earth, and debris <br />from the streets resulting from the construction of the Stage I Improvements. It shall be <br />the PERMITTEE'S responsibility to pay the costs associated with this necessary street <br />cleaning. Invoices from the CITY to the PERMITTEE for such costs shall be paid within <br />fifteen (15) days of the date of the invoice. <br />4 <br />