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10. <br /> <br />11. <br /> <br />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 <br />and prior to release by the CITY of the financial guarantee required by Paragraph 6 <br />above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no <br />cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements (5% x <br />$1,376,000.00), whichever is greater. Said maintenance guarantee shall be held by the <br />CITY for a one (1) year period from the date of its deposit. Tiffs financial guarantee is <br />for the purpose of ensuring that the Stage I Improvements have been constructed in <br />accordance with City standards and may be called upon at the CITY'S discretion during <br />said one (1) year period if the CITY determines it necessary to repair and/or replace any <br />of the Stage I improvements. Said financial guarantee shall be in the form of a letter of <br />credit, approved as to form by the CITY. The maintenance guarantee shall be in the <br />amount of Sixty Eight Thousand Six Hundred Dollars and no cents ($68,600.00). <br /> <br />Payment of Sewer and. Water Trunk Charges..There is a sewer and water trunk fee of <br />One Hundred Thousand Eight Hundred Fifty Two Dollars and no cents ($140,852.00) (46 <br />new residential lots created x $3,062/unit) due on the Plat. The three (3) existing <br />homesteads (Lots 1-3, Block 1) and the existing dental clinic Lot 7, Block 2) shall pay <br />sewer and water trunk charges at the time of connection to the services. The newly <br />created commercial property (Lot 8, Block 2) shall pay sewer and water trunk charges at <br />the time of site plan approval for development of the lot. <br /> <br />Stormwater Management Fee. The current Stormwater Management Fee is $397.00 <br />per residential unit. Stormwater management fee obligations for the forty-six (46) new <br />residential lots created is Eighteen Thousand Two Hundred Sixty Two Dollars and no <br />cents ($18,262.00) (46 lots x $397/lot). The three (3) existing homesteads (Lots 1-3, <br />Block 1) and the existing dental clinic (Lot'7, Block 2) are exempt from the Stormwater <br />Management Fee. The newly created commercial property (Lot 8, Block 2) shall pay <br />sewer and water trunk charges at the time of site plan approval for development of the lot. <br /> <br />12. <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />Stage II Improvements Required. The Stage II Improvements which the CITY <br />requires the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) Street striping and signing <br />b) Street signing <br />c) Traffic Signing <br />d) Street lights <br />e) Street light maintenance <br />f) Street sweeping <br />g) Seat coating <br /> <br />("Stage II Improvements") <br /> <br />Meadow Subdivision <br />Development Agreement <br />Page 5 of 12 <br /> <br />-159- <br /> <br /> <br />