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guarantee shall be deposited with the CITY atthe time of execution of this agreement. Upon <br />total completion of Stage I Improvements (including the removal of "temporary" erosion <br />control measures as identified in the approved Grading Plan), acceptance by the CITY, <br />supported by appropriate lien waivers, the DEVELOPER may request a reduction in the <br />amount of the financial guarantee, but only if the maintenance guarantee required by <br />Paragraph 8 below has been deposited. <br /> <br />Inspection Fees. The DEVELOPER shall be responsible for <br />by the City related to the installation of Stage <br />make a cash deposit into the appropriate escrow account at <br />the authority to draw upon these funds for the <br />services. The amount of the deposit shall be equal to <br />of the Stage I Improvements or Seventy Two Tho~ <br />($72,153.00) (5% x $$1,443,059.00). Upon ~)c~.'~pi'~bn of the <br />satisfaction of the City, any surplus balance rexn~nlng in the City's <br />refunded to the DEVELOPER. <br /> <br />incurred <br />)EVELOPER shall <br />and the City shall have <br />for inspection <br />. of the estimated cost <br />ifty Three Dollars <br />to the <br /> <br />Stage I Improvement Maintenance Financial <br />guarantee required by Paragraph <br />Improvement maintenance guarantee <br />deposited with the CITY at the time <br />prior to release by the <br />amount of the <br />($10,000.00) or <br /> <br />for a one (1) <br />purpose <br />City <br /> <br />Thou <br /> <br />In addition to the financial <br />shall also post a Stage I <br />shall be <br />the CITY and <br />by Paragraph 6 above. The <br />Dollars and no cents <br />Stage I Improvements (5% x <br />guarantee shall be held by the CITY <br />This financial guarantee is for the <br />been constructed in accordance with <br />CITY'S discretion during said one (1) year <br />it necessary to repair and/or replace any of the Stage I <br />shall be in the form of a letter of credit, approved as <br />guarantee shall be in the amount of Seventy Two <br />($72,153.00). <br /> <br />Payment <br />Hundred <br />$3,062.00/1o0 <br /> <br /> 'ater Trunk Fees. There is a sewer and water trunk fee of One <br /> Six Hundred Four Dollars ($128,604.00) (42 lots x <br /> Plat. TI'ds payment must be received by the City prior to the <br />mylars for recording. <br /> <br />10. Stormwater Management Fee. The current Stormwater Management Fee is Three Hundred <br /> Ninety Seven Dollars and no cents ($397.00) per lot. Stormwater management fee <br /> obligations for the Plat are Sixteen Thousand Six Hundred Seventy Four Dollars <br /> ($16,674.00) (46 lots x $397.00/lo0. <br /> <br />-272- <br /> <br />Shade Tree Cottages <br />Development Agreement <br />Page 4 of 12 <br /> <br /> <br />