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16. Required Private Improvements. The private improvements the PERMITTEE will <br />construct or install are as follows: <br />a. Sanitary sewer <br />b. Water <br />c. Storm drainage facilities <br />d. Stormwater maintenance <br />e. Parking lot <br />f. Concrete curb and gutter <br />g. Lot grading <br />h. Landscaping <br />17. Financial Guaranty for Stage I Improvements, Stage II Improvements, and Required <br />Private Improvements. The PERMITTEE shall provide a financial guaranty to the CITY <br />guaranteeing the construction of the Stage I Improvements, Stage II Improvements, and <br />Required Private Improvements, as well as their timely completion. The PERMITTEE <br />shall be responsible for a financial guarantee in the amount of ($1,129,126.81), which <br />amount is 125% of the CITY Engineer's estimated cost of the Stage I and Stage II <br />Improvements. Upon completion of Stage I Improvements (including the removal of <br />"temporary" erosion control measures as identified in the approved Grading Plan), <br />acceptance by the CITY, supported by appropriate lien waivers, The PERMITTEE may <br />request a reduction in the amount of the financial guaranty. <br />18. Inspection Escrow for the Stage I Improvements, Stage II Improvements, and Required <br />Private Improvements. The PERMITTEE shall provide an inspection escrow to the CITY <br />to inspect the Stage I Improvements, Stage II Improvements, and Required Private <br />Improvements. The PERMITTEE shall be responsible for an inspection escrow in the <br />amount of ($45,165.07), which amount is 5% of the City Engineer's estimated cost of the <br />Stage I Improvements, Stage II Improvements, and Required Private Improvements. The <br />inspection escrow must be in the form of cash. The PERMITTEE may request a refund <br />of the remaining balance in the escrow upon completion of the Stage I Improvements, Stage <br />II Improvements, and Required Private Improvements, after acceptance by the CITY. <br />19. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one- <br />year warranty in the amount of $225,825.36, which is 25% of the cost of the Stage I and <br />Stage II Improvements. Said warranty shall be in force for one year following the final <br />acceptance of any required improvements and shall guarantee satisfactory performance of <br />said improvements. The warranty must be in the form of a Letter of Credit, approved as to <br />form by the CITY, or a cash escrow. <br />20. Maintenance Guarantee for Landscaping. It is herein agreed that the PER1VIITTEE shall <br />provide the CITY a landscape maintenance guaranty to ensure the survival of the <br />plantings. Said landscape maintenance guaranty shall consist of cash in the amount of <br />$5,400.00 [# plantings (60 trees) x cost/planting ($300/tree x 30% average non -survival <br />rate, (0 shrubs) x cost/planting $75/shrub x 30% average non -survival rate], which shall be <br />in effect for a two-year period commencing on the date of the CITY's acceptance of said <br />plantings as part of the Required Private Improvements. <br />At the end of the two-year period, the PERMITTEE shall request a final inspection by the <br />CITY to determine that all plantings that have been planted in accordance with the Plans <br />4 <br />