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Stage I hnprovement maintenance guarantee with the CITY. Said maintenance guarantee shall <br />be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and <br />prior to release by the CITY of the financial guarantee reqfiired by Paragraph {5 above. The <br />amount of the maintenance guarantee shall be Ten Thousand and 00/100 Dollars (I;10,000,00) or <br />five percent (5%) of the cost of the Stage I Improvements, whichever is ~eater. RAMSEY <br />TOWN CENTER, LLC, shall be responsible for a cash deposit in the amount ofTen Thousand <br />Dollars and No Cents (1;10,000.00). Said maintenance guarantee shall be held by the CITY for a <br />one (1) year period from the date of its deposit. This financial guarantee is for the purpose of <br />ensuring that the Stage I [mprovements have been constructed in accordance with CITY <br />standards and may be called upon at the CITY's discretion during said one (1) year period if the <br />CITY determines it necessary to repair and/or replace any of the Stage I improvements. Said <br />financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. <br /> <br /> 9. Staae II Improvements Required. The' Stage II Improvements which the CITY requires <br />the DEVELOPER 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 maintenanc~ <br />f) Street sweeping <br />g) Seal coating <br /> <br />("Stage II Improvements") <br /> <br />10. Payment for Sta_oe II Improvements. The CITY will install in the Plat the Stage II <br />Improvements. The DEVELOPER shall deposit an amount that is determined by the CITY to <br />be adequate to aid in the operation and mainten,q~nce of street lights in locations within the Plat <br />determined by the CITY Engineer and installed by Connexus for the first tlwee (3) yem-s after <br />final plat approval. The CITY will bill residents in the Plat at least quarterly for street light <br />maintenance and operation costs; billing will be initiated at the time' a residence connects to <br />municipal water and sanitary sewer. The DEVELOPER will pay to the CITY an amount equal <br />to 100% of the CITY Engineer's estimated construction cost of the items prior to recording of <br />the final Plat. The CITY Engineer's estimated cost of construction is: <br /> <br />a) Street signing (2 85200.00 each) $400.00 <br />b) Street striping (840 If. ~ .20/ft:) $168.00 <br />c) Traffic signs (1 ~ $200,00 each) $200.00 <br />d) Future Through Street Signing (0) $0 <br />e) Street lights (16 c~ $1,500.00 each) $24,000.00 <br />f) Street light maintenance ( 16 ~ $270) $4,320.00 <br />g) Street sweeping. $500.00 <br />h) Seal coating (2,050 sq. yds 85.85 sq. yd.) $1.742.50 <br /> <br />Total 1;;31,330.50 <br /> <br />-391- <br /> <br />Ramsey Town Center llth Addition <br />Development Contract <br /> Page 4 ofll Pages <br /> <br /> <br />