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6. Stage I Improvement Financial Guarantee. The PERMITTEE shall provide a <br />financial guarantee to the CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. The financial guarantee must be in the <br />form of a Letter of Credit in a form acceptable to the CITY'S Finance Director or <br />cash escrow. The PERMITTEE shall be responsible for a financial guarantee in <br />the amount of Three Hundred Forty Nine Thousand Twenty Three Dollars and No <br />Cents ($349,023.00), which amount is 125% of the CITY Engineer's estimated cost <br />of the Stage I Improvements ($279,218 x 1.25). Upon completion of Stage I <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 <br />of the financial guarantee. The accepted engineer's estimate is attached as Exhibit <br />C hereto. Partial releases of the Letter of Credit are not permitted without approval <br />of the City Council. <br />7. Inspection Fees for the Stage I Improvements. The PERMITTEE shall provide an <br />inspection fee to the CITY to inspect the Stage I improvements. The <br />PERMITTEE shall be responsible for an inspection fee in the amount of Thirteen <br />Thousand Nine Hundred Sixty.One Dollars and No Cents ($13,961.00), which <br />amount is 5% of the City Engineer's estimated cost of the Stage I Improvements <br />($279,218 x .05). The inspection fee must be in the form of a cash escrow. The <br />PERMITTEE may request a refund of the remaining balance in the escrow upon <br />completion of the Stage I Improvements, acceptance by the CITY, and supported <br />by appropriate lien waivers. The accepted engineer's estimate is attached as Exhibit <br />C hereto. <br />8. Installation of the Stage 1 Improvements. The PERMITTEE shall obtain all <br />necessary permits from all governmental agencies before commencing construction <br />of the Stage I Improvements. The PERMITEE must provide the CITY with <br />copies of all necessary permits from other governmental agencies prior to or when <br />the PERMITTEE applies fora building permit to construct improvements on a lot <br />within the Plat.. Within thirty (30) days after the completion of the Stage I <br />Improvements, the PERMITTEE shall provide the CITY with a complete set of <br />reproducible "As Built" plans for the Stage I Improvements. <br />9. Time of Performance for the Stage I Improvements. The PERMITTEE must <br />complete the Stage I Improvements within one (1) year after the recording of the <br />Plat. The Final Plat must be recorded within two (2) years of approval by the City <br />Council. <br />10. Ownership of the Stage I Improvements. The PERMITTEE owns the- Stage I <br />Improvements until the CITY'S acceptance of the Stage I Improvements. Title to <br />the Stage I Improvements automatically passes to the CITY upon the CITY'S <br />written acceptance of the Stage I Improvements. Except to the extent the CITY <br />has accepted all or portions of the Stage I Improvements, in writing, prior to the <br />lapse, expiration, or other termination of the CITY'S financial guaranty described <br />in Section 6 and except to the extent the CITY and the PERMITTEE may agree, <br />