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PERMITTEE' S installation of the Stage I Improvements. The license shall expire after the <br />CITY accepts ownership of Stage I Improvements. <br />10. Stage II Improvements. The future improvements the PERMITTEE must construct or install are <br />as follows: <br />a. Street striping (if required by Plans). <br />b. Street and traffic control signs. <br />i. CITY will provide and install Street Name and Traffic Control signs (following <br />payment by PERMITTEE pursuant to the established rates and charges in <br />effect). <br />c. Street lights per agreement with Connexus Energy. <br />d. Installation of survey monumentation. <br />The PERMITTEE must complete the construction of the Stage II Improvements within one (1) <br />year after the date upon which the Plat is recorded. <br />PERMITTEE must install the Stage II Improvements in accordance with the Plans. Per City <br />Code Section 117-615, the PERMITTEE shall provide the CITY with a set of re -producible as - <br />built plans in Computer Aided Drafting (CAD) format upon completion of the Stage II <br />Improvements and acceptance by the CITY. As as -built plans are a required Stage II <br />Improvement item per City Code Section 117-615, the CITY will not release the required Stage I <br />Improvement Financial Guarantee noted in paragraph # 11 of this Agreement until CITY has <br />received the as -built plans. Additionally, the PERMITTEE agrees to provide to the CITY the <br />plans in CAD format prior to the commencement of construction of the Stage II Improvements. <br />11. Stage I Improvement and Stage II Improvement Financial Guarantee. The PERMITTEE shall <br />provide a financial guarantee to the CITY guaranteeing the construction of the Stage I <br />Improvements and Stage II Improvements and their timely completion. The PERMITTEE shall <br />be responsible for a financial guarantee in the amount of $4,842,219, which amount is 125% of <br />the CITY Engineer's estimated cost of the Stage I Improvements and Stage II Improvements <br />($3,873,775 x 1.25). Upon completion of Stage I Improvements and Stage II Improvements <br />(including the removal of "temporary" erosion control measures as identified in the approved <br />Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, the <br />PERMITTEE may request a reduction in the amount of the financial guarantee. <br />12. Inspection Fees for the Stage I Improvements and Stage II Improvements. The PERMITTEE <br />shall provide an inspection fee to the CITY to inspect the Stage I Improvements and Stage II <br />Improvements. The PERMITTEE shall be responsible for an inspection fee in the amount of <br />$193,689, which amount is 5% of the City Engineer's estimated cost of the Stage I Improvements <br />and Stage II Improvements ($3,873,775 x .05). The inspection fee must be in the form of a cash <br />escrow. The PERMITTEE may request a refund of the remaining balance in the escrow upon <br />completion of the Stage I Improvements and Stage II Improvements, and acceptance by the <br />CITY. <br />13. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one-year <br />warranty in the amount of $968,444 ($3,873,775 x .25), which is 25% of the cost of the Stage I <br />and Stage II Improvements. The CITY shall reduce the Financial Guarantee as required by <br />Paragraph 11 above (Stage I Improvements and Stage II Improvements Financial Guarantee) and <br />shall not collect a separate guarantee. Said warranty shall be in force for one year following the <br />final acceptance of any required improvements and shall guarantee satisfactory performance of <br />4 <br />