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completion of Stage I Improvements (including the removal of "temporary" erosion control <br />measures as identified in the approved Grading Plan), acceptance by the CITY, supported by <br />appropriate lien waivers, the DEVELOPERS may request a reduction in the amount of the <br />financial guarantee, but only if the maintenance guarantee required by Paragraph 9 below has <br />been deposited. <br /> <br /> 7. I.nspection. Fees. The DEVELOPERS shall be responsible for all inspection costs <br />incurred by the CITY related to the installation of Stage I Improvements. The DEVELOPERS <br />shall make a cash deposit into the appropriate escrow account at the CITY and the CITY shall <br />have the authority to draw upon these funds for the purpose of compensating for inspection <br />services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of <br />the Stage I Improvements or Dollars ($. ) <br />(5% x $ ). Upon completion of the Improvements to the satisfaction of the <br />CITY, any surplus balance remaining in the CITY's escrow account shall be refunded to the <br />DEVELOPERS. <br /> <br /> 8. Stage I Improvement IvIaintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 7 above, the DEVELOPERS 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 prior <br />to release by the CITY of the financial guarantee required by Paragraph 7 above. The amount of <br />the maintenance guarantee shall be Ten Thousand and 00/100 Dollars ($10,000.00) or five <br />percent (5%) of the cost of the Stage I Improvements (5% x $ ), whichever is <br />greater. Said maintenance guaramee shall be held by the CITY for a one (1) year period from <br />the date of 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 of Dollars ($ ). <br /> <br /> 9. Stage II Improvements Required. The Stage II Improvements .which the CITY requires <br />the DEVELOPERS to construct within the Plat are as follows: <br /> <br />a) Street striping and signing <br />b) Traffic signing <br />c) Future Through Street Signing <br />d) Street lights <br />e) Street light maintenance <br />f) Street sweeping <br />g) Seal coating <br /> <br />("Stage II Improements") <br /> <br />-196- <br /> <br />Ramsey Town Center 7th Addition <br />Development Contract <br /> Page 4 of 16 Pages <br /> <br /> <br />