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6. Stage I Improvement Completion Date. The Stage I Improvements shall be completed <br /> on or before July 1, 2007. <br /> <br />7. Stage I Improvement Financial Guarantee. <br /> <br /> The DEVELOPER shall provide a <br />financial guarantee to the CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion· The financial guarantee shall be in the <br />amount of ~ : ,'~----~:~ :~,, which ~s 125% of the C~ty Engineer's estimated cost of <br /> e - e ' ' ~' ' <br />th Stage I Improv ments. The finanmal guarantee reqmred~.~h/C~..para~aph shall be m <br />the form of cash or a letter of credit, approved as to fo~y the CITY. The financial <br /> /~,k; ~ ~.,. . <br />guarantee shall be deposned w~th the CITY at the nm ~o'~(~ecuuon of this agreement. <br />Upon total compleuon of Stage I Improvements (men, ding tfi~r.~eraoval of '~temporary" <br /> .... m. ;~ . <br />erosmn control measures as ~denUfied tn the apDm~d ~radmg ~l~t acceptance by the <br />CITY, supported by appropriate lien ' the DEVELOPEr,s. may request a <br />· . . <br />reducuon tn the amount of the f'mancial ~f the mamt~ce~guarantee <br />.. . '~: ~ <br />reqmred <br /> <br />Inspection Fees. The DEVELOPER shall <br />incurred by the City related <br />DEVELOPER shall make a <br />and the City shall have the <br />compensating for inspection <br /> <br /> percent (5%) of the. es~ated cost <br /> completion of ~prgy.,.e~ments to the City, any surplus balance <br /> rema~mng ~n th~ty's es~ ' ~ ~ to ~e DEVELOPER. <br /> <br />9. Stage I Impr,,~ em(ut M: 2 ,' Fh~.~fiial Guarantee. h addition to ~e <br /> ~ar~tee:~e~.. '., : ~e DE.LOPER s~ll also post a Stage I <br /> · -"~ 'C':~7', ..... .,. .. , ,. .~th ~e CITY. Shd m~nten~ce ~tee shill <br />~ · dbym <br /> ' . ~ ', ,' .,. '. ,' (' I ~ ~' : , ':',~ Stage I ~provements ~e accepte e C~Y <br /> . . . ..... ~ ', ,' ( 'i I 5 · ~e fm~cial gun,tee required by P~a~aph 7 <br /> abo~e:,, ~e ~o~! ~e mmnten~ce ~tee shall be $10,000 00 or five percem <br /> (5%) ~e cost of ~ Stage I ~provements, w~chever ~s ~eater. Sa~d mamten~ce <br /> gu~tees~fll be hel~y ~e CITY for a one (1) ye~ period ~om ~e date of~B deposit <br /> · ~ ~ . . <br /> ~s fm~cx~¢~ar~e ~s for ~e pu~ose of ens~g ~at ~e Stage I ~provements have <br /> been cons~cte~ m accordance ~ C~ st~d~ds ~d may be called upon at ~e <br /> CITY'S discrefmn d~ng said one (1) year period if~e CITY detemines it necess~ to <br /> repair ~Wor replace ~y of ~e Stage I improvements· Shd fin~cial ~tee shall be <br /> ~ ~e fora of a leaer of credit, approved as to fora by ~e CITY· ~e mainten~ce <br /> gun,tee shall be in ~e mo~t of $ <br /> <br />for all inspection costs <br />itage I Improvements. The <br />abe City <br />for the purpose of <br />shall be equal to five <br />or $;:i ~" -.Upon <br /> <br />10. Community Septic System and Watermain Long-Term Maintenance and <br /> Replacement Financial Guarantee. The DEVELOPER shall provide a financial <br /> guarantee to the CITY guaranteeing the maintenance and repair of the community septic <br /> system and idle watermains. This financial guarantee shall be in the amount of <br /> Prairie Meadows <br /> Development Agreement <br /> Page 3 of 12 <br /> <br />-283- <br /> <br /> <br />