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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 fmanciaI guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee shall be Ten Thousand and 00/100 Dollars ($10,000.00) or <br />five percent (5%) of the cost of the Stage I Improvements, whichever is greater. RAMSEY <br />TOWN CENTER, LLC, shall be responsible for a cash deposit in the amount ofTen Thousand <br />Dollars and no cents ($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 Improvements 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 ora letter of credit, approved as to form by the CITY. <br /> <br /> 9. Sta~e II Improvements Required. The following Stage II Improvements were installed as <br />a part of the development of Ramsey Town Center 8th Addition: <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 maintenance <br />f) Street sweeping <br />g) Seal coating <br /> <br />("Stage II Improvements") <br /> <br />10. Payment for Stage 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 maintenance of street lights in locations within the Plat <br />determined by the CITY Engineer and installed by Connexus for the first three (3) years after <br />f'mal 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 £mal Plat. The CITY Engineer's estimated cost of construction is: <br /> <br />a) Street signing (__ 65200.00 each) <br />b) Street striping ( ~ .20/ft.) <br />c) Traffic signs (_. ~ $200,00 each) <br />d) Future Through Street Signing (0) <br />e) Street lights ( ~ $1,500.00 each) <br />f) Street light maintenance ( ~ $270) <br />g) Street sweeping <br />h) Seal coating ( sq. yds 65.85 sq. yd.) <br /> <br />NA <br />NA <br />NA <br />N/A <br />NA <br />NA <br />NA <br />NA <br /> <br />Ramsey Town Center 12th Addition <br />Development Contract <br /> Page 4 of 13 Pages <br /> <br />-229- <br /> <br /> <br />