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("Req u ired Improvements)". <br /> <br />Thc DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPERS' plans <br />submitted to the CITY. The DEVELOPER shall be responsible for completing the' <br />r'c)ttgh grading and providing lot comer stakes prior to the installation of underground <br />~tilities. <br /> <br />12. Required Improvements Completion Date. The,.:Required Improvements shall be <br /> crm~pleted on or before June 1, 2006. .~:i~.'?¢~::..~..."::;/fi~:,, <br /> <br />1.3. Required Improvements Financial Guarantee: In 0;f4~7~d'i~ansure the installation of the <br /> Required Improvements in accordance witt~ CiW spe ~nd;in a timely ma~er, <br /> thc Pcrmittees shall be required to depo;it~:Wah ~e¢,Ci~::~ of credit, <br /> approved as to l~orm by the City, in the am0~t ~f seven Hundf~a~;~d 8i~ Thousand <br /> Two l Iundresd Twenty T~ee and no cents ($~26;2~3.00), which Yg.~}~ ;fthe City's <br /> estimated cost of the Improvements. Prior't°':the~i~mnce of the building pe~it, all <br /> /'irmncial guarantees must be provided as requi}bd he~in52::~: 7~:':?~"~.,. <br /> <br /> Upon completion of the constructi°fi :~bf the.'---Required:~t~r~d~'~ments, the financial <br /> guarantee shall be returned to the:::Pe~iae~:' ~d the Pe~f~'es shall be required to <br /> pr{wide the landscaping mainten~ce ~ar~te~':~described in this Development <br /> Agreement. The determinatiofi"tof: complefi'O~~ ;)Construction of the Required <br /> hnprovements shall be made b~-ihe Ci~ Coufi~.i~';a~r consultation with the City <br /> Engineer. In the event the Pe~i~ees hil to construct and install the Required <br /> hnprovements as required herein, the Ciw~Council may order the completion of the <br /> Required lmproveme~s With City dap':~ lab0r, an~or by le~ing contracts for said <br /> completion and draw U~0n the escrow for payment. Only the City Council shall have the <br /> authority to direct completi6n of the Required Improvements and with&aw from the <br /> cst:row accost. The Pemi~ees; hereby gain pe~ission and a license to the City an~or <br /> its contractors and assigns to. ente~.up,on the Site for the pu¢ose of completing the <br /> construction ~d' installation of the: R~qUired Improvements in the event of the Perigees' <br /> det~ult. J <br /> <br /> Thc Required Improvements shall be installed in accordance with the approved plans and <br /> in accordance with CITY standards, CITY Code and plans and specifications which have <br /> been prepared by a competent registered professional engineer ~mished to the CITY and <br /> approved by the CIT~ Engineer. The DEVELOPER shall obtain all necessary pemits <br /> I'rom all agencies 'before proceeding with construction. Within 30 days a~er the <br /> completion of the ~ovements and before the sec~ity is released, the DEVELOPER <br /> shall supply the CITY with a complete set of reproducible "As Built" plans <br /> <br />/4. hispcction Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br /> by the City related to the installation of Required Improvements. The DEVELOPER <br /> shall make a cash deposit into the appropriate escrow account at the City and the City <br /> shall have the authority to draw upon these funds for the purpose of compensating for <br /> <br />Ramsey Towh Center 6th Addition <br />Development Contract <br /> Page 6 of 15 Pages <br /> <br /> <br />