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Temporary and permanent erosion control <br />Street lights (installment arranged by the CITY during Stage I Improvements and <br />paid for by DEVELOPER as Stage ri 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 ptans shall be in conformance with the Final Plat and.Final Engineering Plans <br /> dated December 5, 2005 as amended by staff review. All of the plans:are Subject to revisions per <br /> City Staff Review Letter dated December 9, 2005. The final cons'~ruction plan for the Stage .I <br /> Improvements shall be submitted to the 'CITY Engineer foi~ :'~a'~i~ew and approval prior to <br /> commencement of construction. <br /> <br /> RAMSEY TOWN CENTER, LLC shall be:'responsible for completing the rough <br /> grading and providing lot comer stakes prior to the installation of underground Utilities. <br /> <br /> 6. Sta.~e I Improvement Financial' Guarantee, RAMSE¥ TOWN CENTER, LLC <br />shall provide a financial guarantee to the CITY guaranteeing .the ConstrUction of the Stage <br />Improvements and their timely completion. RAMSEY TOWN CENTER, LLC, shall be <br />responsible for a financial guarantee '- ~'~ in' the amoUnt of <br /> <br />125% of the CITY Engineer's estimated cost of the. Stage I Improvements. The financial <br />guarantee shall be deposited with the CITY at the: ~time of execution of this. ContraCt. Upon <br />completion 'of Stage I Improvements' (including the~ removal~: of "temporary" erosion control <br />measures:, as identified in the approved Grading plan)i acceptance by the CITY, supported by <br />appropriate lien waivers, RAMSEY TOWN CENTER, LLC may request a reduction in the <br />amount of the financial guarantee, but only if the maintenance guarantee required by Paragraph 8 <br />below has been deposited. <br /> <br /> Inspection Fees. RAMSEY TOWN CENTER,. LLC shall.be responsible for all <br />inspection Costs incurred by the CITY related to the instal'Iation 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 for. 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 <br /> ($. '). Upon completion of the Improvements to the <br />satisfaction of the CITY, any surplus balance remaining in.the CITY's 'escrow account shall be <br />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 Para~aph 6 above, RAMSEY TOWN CENTER, LLC shall also post a <br />Stage. I Improvement 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 required by Paragraph 6 above. The <br /> <br />-437- <br /> <br />Ramsey Town Center llth Addition <br />Development Contract <br /> Page 3 of 11 Pages <br /> <br /> <br />