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-312- <br /> <br />Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a <br />fir~ancial 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 of25~ ·: -~ i:, which is 125% of the City Engineer's estimated cost of <br />the Stage I Improvements. The financial guarantee required by this paragraph shall be in <br />the form of cash or a letter of credit, approved as to form by the CITY. The financial <br />guarantee shall be deposited with the CITY at the time of execution of tl'fis agreement. <br />Upon total completion of Stage I Improvements (including the~,r, emoval of "temporary" <br />erosmn control measures as ~dentffied m the approved Gra.d...m.~Pta¢. ), acceptance by the <br />CITY, supported by appropriate lien waivem, the )PER may request a <br />reduction in the amount of the financial guarantee, maintenance guarantee <br />required by Paragraph 9 below has been deposited. <br /> <br />8. Inspection Fees. The DEVELOPER <br /> incurred by the City related to the <br /> <br />costs <br /> The <br /> <br />and the City shall have the authority to <br />compensating for inspection services. The <br />percent (5%) of the estimated <br />completion of the satisfaction <br /> <br />funds for de purpose of <br />he deposit shall be equal to five <br />· 5 :.Upon <br />any balance <br /> <br /> remaining in the Cit~ <br /> <br /> · ~,~,,. ,~,'2,,~,~' .. . <br />9. Stage I Improvement~amtenance l~manetal Guarantee. In ad&tion to the flnanc~al <br /> <br /> (5:¢~' th~'e~g;ol ~e 'S~ge I Improvements w~chever ,s ~,.ter. Said mamten~ce <br /> ~g~arantee shall ~e~e~d by ~ ~[~Y for a one (I) year period from ~e date of*ts depos,t. <br /> · l~.I~n~cm* gu~a~[~e ~s mr ~e p~ose o~ens~ng that me ~tage * ~mprovements rove <br /> been:}~nsmcted ,n'v~ord~ce ruth C~ st~d~ds and may be called upon at ~e <br /> CITY~S:~mcretmn d~g smd one (1) ye~ period ~f~e CITY dete~mes ~t necess~ to <br /> repa~ ~o~>replace,~y of ~e Stage I unprovemen~. Smd fin~c~al gu~tee shall be <br /> . ~. ~ . . <br /> m ~e fom"o~ !effer of credit, approved as to fora by ~e CITY. ~e mamten~ce <br /> gumtee shall';¢~n ~e mo~t of$ :: <br /> <br />10. Communi~ Septic System and Watermain Long-Term Maintenance and <br /> Replacement Financial Guarantee. ~e DE.LOPER shall provide a fin~cial <br /> gun.tee to ~e CITY gun.teeing ~e mainten~ce ~d repak of~e comm~ septic <br /> system ~d idle watemains. ~s fin~cial gun.tee shall be in ~e mo~t of <br /> $ ', which is 125% of~e cost of replacing ~e comm~i~ septic system ~d <br /> watem~ns. ~e DE.LOPER may request a reduction in ~e ~ount of the fin~cial <br /> gu~antee AS ~is gun.tee is replaced by monies ~om an established Homeo~ers' <br /> Association (HOA) or m~agement enti~ responsible for ~e mainten~ce of ~e <br /> Kelly Acres <br /> Development Agreement <br /> Page 3 of 12 <br /> <br /> <br />