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CITY. f/he financial guarantee shall be deposited with the CITY at the time of execution of this <br />Agreement. Upon completion of Stage I Improvements (including the removal of"temporary" <br />tm)sion 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 />t~f thc financial guarantee, but only if the maintenance guarantee required by Paragraph 9 below <br />ires beet] deposited. <br /> <br /> 7. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs <br />im:urrcd by the CITY related to the installation of Stage ~ Improvements. The DEVELOPER <br />:-:hall make a cash deposit into the appropriate escrow acc~:/C~at ~¢'!~CITY and the CITY shall <br />rove the authorit to draw u on these ~nds for ~e pU~g¢~'~f)~b~pensating for inspection <br />service'; The amount of the deposit shall be equal {o:five p~f~fi~:~($:~) of the estimated cost of <br />~h,- Staec I Improvements of Four Thous~d N~e-'Hflndred~0~(~6~ D~llars ($4,944.00) (5% <br />x $)8.894.00). Upon completion of the Im~ro~emCnts.:~toTtha safisfaet~g,~o.f:~e::CITY, any <br />~ur~lus balance remaining in the CITY s ~ser6~ :tae~°unt sh ir') ?? haad to the <br /> <br /> :-, :-:;:¢.: ;::; :. <br /> <br /> ~s. }rage I hnprovement Maintenance Financiai"~.Ou'a~nte~&~: .:In, addition to the financial <br /> guarantee required by Paragraph 7 above, the DEVELOPERf.~hall also post a Stage I <br /> Improvement maintenance guarantee Mth'. the:: CITY. Said:'~&~tenance guarantee shall <br /> be deposited with the CITY at the-t_~e:stag~t ~,mpr0vement~hi~ accepted by the CITY <br /> and prior to release by the CITY of the financial ~amee required by Paragraph 7 above. <br /> ~l'hc amount of the maintenancd ~arantee'~Sh&ii"~b~ ~:Thousand and 00/100 Dollars <br /> ($ ~ 0,000.00) or five percent (5~)~50f ~' ~ost 6~.:.~(;~tage I Improvemems (5% x <br /> ,$98,894.00), whichever is greater. 'Said m~ntenan~e gUarantee shall be held by the CITY <br /> Ibr a one (1) year period from the date Off;its deposit, This financial guarantee is for the <br /> pnrpose of ensuring t~t the Stage I impr'%emems :have been constructed in accordance <br /> w~th CITY standards ~d may be called upon at'the CITY'8 discretion during said one (1) <br /> year period if the CIT~ detem~es it necessary to repair an~or replace any of the Stage I <br /> hnprovements. Said financi~ guarantee shall be in the fora of a leaer of credit, approved <br /> as to fora by the CITY. The'maintenance guarantee shall be in the amount of Ten <br /> Thousand Dol.lars ($I~,000.00).' <br /> <br /> 9. Stage I1 hnprovement~Required. The Stage II Improvements which the CITY requires <br /> th.c DEVELOPER to c;onstmct within the Plat are as follows: <br /> <br />a) Street striping and~signing <br />b) Traffic signing '~ <br />c) Future Through S~eet Signing <br />d) Street lights ' <br />c) Street light maintenance <br />t) Street sweeping <br />!3')Seal coating <br /> <br />("St~.gc II Improements") <br /> <br />Ramsey Town Center 6th Addition <br />Development Contract <br /> Page 4 of 15 Pages <br /> <br /> <br />