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Natural gas <br />Telephone service <br />Electric service ... <br />Temporary and permanent erosion control <br />Street lights (insta.llment arranged by the CITY during Stage I Improvements and <br />paid for by DEVELOPER as Stage II Improvement) <br /> <br />("Stage I Improvements") <br /> <br /> RAMSEY TOWN CENTER, LLC agrees to construct the Stage_ I Improvements <br />according to the terms and conditions of this Contract and in accordance with plans submitted to <br />the CITY. Said plans shall be in conformance with the Final Plat and Final Engineering Plans <br />dated November 11, 2005 as amended by staff review. All of the plans are subject to revisions <br />per City Staff Review Letter dated December 9, 2005. The final construction plan for the Stage I <br />Improvements shall be submitted to the CITY Engineer for review and approval prior to <br />commencement of construction. <br /> <br /> RAMSEY TOWN CENTER, LLC shall be resp°nsibl~ for completing the rough <br />grading and providing lot corner stakes prior to the installation of underground utilities. <br /> <br /> 6. S.t.a.~e I Improvement Financial Guarantee. RAMSEY TOWN CENTER, LLC <br />shall provide a financial guarantee to the CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. RAMSEY TOWN CENTER, LLC, shall be <br />responsible for a financial guarantee in the amount of Two hundred Forty Five Thousand and <br />Four Hundred Seventy Eight Dollars and no cents ($245,478.00), which amount is 125% of the <br />CITY Engineer s estimated cost of the Stage I Improvements~ The financial guarantee shall be <br />deposited with the CITY at the time of execution of this Contract. Upon completion of Stage I <br />Improvements (including the removal of "temporary" erosion control measures as .identified in <br />the approved Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, <br />RAMSEY TOWN CENTER, LLC may request a reduction in the amount of the financial <br />guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been <br />deposited. <br /> <br /> 7. Inspection Fees. RAMSEY TOWN CENTER, LLC shall be responsible for ali <br />inspection costs incurred by the CITY related to the installation of Stage I Improvements. <br />RAMSEY TOWN CENTER, LLC shall make a cash deposit into the appropriate escrow <br />account at the CITY and the CITY shall have the authority to draw uPon these funds f6r the <br />purpose of compensating for inspection services. The amount of the deposit shall be equal to <br />five percent (5%) of the estimated cost of the Stage I Improvements. RAMSEY TOWN <br />CENTER, LLC, shall be responsible for a cash deposit in the amount of Nine Thousand Eight <br />Hundred Nineteen Dollars and no Cents ($9,819.00). Upon completion of the Improvements to <br />the satisfaction of the CITY, any surplus balance remaining in the CITY's escrow account shall <br />be refunded to RAMSEY TOWN CENTER, LLC. <br /> <br /> 8. Sta~e I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 6 above, RAMSEY TOWN CENTER, LLC shall also post a <br /> <br />Ramsey Town Center llth Addition <br />Development Contract <br /> Page 3 of 11 Pages <br /> <br />-390- <br /> <br /> <br />