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4. Stage I Improvements Required. The improvements the CITY requires the <br /> DEVELOPER to construct within the Plat are as follows: <br /> <br /> a. Trunk and lateral sanitary sewer system <br /> b. Trunk and lateral watermalns and appurtenances <br /> c. Streets with concrete curb and gutterj including Potassium St., 157th Ave., <br /> Quicksilver Court, and Quicksilver Circle. <br /> d. Tnmk and lateral storm drainage facilities <br /> e. Lot grading and permanent erosion control <br /> f. Sidewalk Construction along Potassium St. <br /> g. Trail construction as shown on the plans City Staff Review <br /> letter dated June 9, 2006. <br /> h. Natural gas <br /> i. Telephone service <br /> j. Electric service <br /> k. Street lights (installment arranged by Stage I Iml~ovements and <br /> paid for by DEVELOPER as Stage II Impm[~ent) <br /> ( Stage I Improvements ) ~r~'~,~z>~ ~':~-k.,:,,~ <br /> <br />5,~: The DEVELOPER agrees to construct ~."£ Sta~[e~e~s according to the terms and <br /> conditions of this agree and m accorc~anc~'~'ith D~EOPER'S plans submitted to the <br /> CITY: Grading, "~ Street and Storm Sewer Construction Plans <br /> Inc. and dated May 19, 2006 and as <br /> amended as ret dated June 9, 2006 and Engineer's <br /> Memo dated June 9, for the Stage I Improvements shall be <br /> and approval prior to commencement of <br /> <br />be in <br /> <br />5, Stage I Img <br /> or before July <br /> <br /> for completing the rough grading and providing lot <br /> t of underground utilities. All permanent lot comers shall <br />of the Stage I financial guarantee. <br /> <br />ompletion Date. The Stage I Improvements shall be completed on <br /> <br />Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. The financial guarantee shall be in the amount of One Million Eight <br />Hundred Three Thousand Eight Hundred Twenty Four Dollars and no cents ($1,803,824) <br />(125% x $1,443,059.00), which amount is 125% of the City Engineer's estimated cost of the <br />Stage I Improvements. This amount includes the DEVELOPER'S share for the construction <br />of Potassium St. outside of the Plat. The financial guarantee required by this paragraph shall <br />be in the form of cash or a letter of credit, approved as to form by the CITY. The financial <br /> Shade Tree Cottages <br /> Development Agreement <br /> Page 3 ofl2 <br /> <br />-271- <br /> <br /> <br />