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<br />and sI;ecifications. These improvements shall include, but are not <br />limited to: the construction of Wolfram Street N.W., Xenon Street <br />N.W., and 160th Land N.W.; including related ditches, grading, <br />backsloping and drainage. The DeveloI;er shall l:e restx>nsible for <br />any expense associated with the construction of these <br />improvements. The DeveloI;er shall restore all disturbed areas as <br />sI;ecified by the City Engineer. The location and specifications <br />for the improvements shall be as shown on the attached plans, <br />which plans are attached hereto as Exhibit "A". <br /> <br />2. FIW..ocIAL GUARANTEE. The Developer shall provide a financial <br />guarantee for the construction of these improvements. This <br />guarantee shall be in the form of cash or City approved letter of <br />credit in the amotmt of $__------- which amount represents 125% <br />of the Engineer's estimated cost for such improvements. In <br />addition to the letter of credit, the Developer shall post a <br />maintenance guarantee for these improvements in the amount of <br />$________. This security shall l:e deposited with the City in the <br />form of cash escrow or letter of credit in a form to be acceptable <br />to the City. This security shall be held by the City for one (1) <br />year frem the date of final acceptance of the improvements. <br /> <br />3. PARK IAND DEDICATION. The Developer shall satisfy the City's <br />park dedication requirements by deeding Outlots A and B as shown <br />on Exhibit "B" to the City for future park developnent. <br /> <br />4. GRADIN; AND DRAINAGE PLAN. '!he Developer shall comply with the <br />garding and drainage plans sul::mitted to and approved by the City <br />Engineer. <br /> <br />5. BUIIDI~ PERrA.ITS. '!he Develo~r agrees that, in compliance with <br />the City Code, no building I;ermits shall be issued until (1) the <br />security for the improvements described in Paragraph 1 above has <br />been provided and (2) no building permits shall be issued for Lots <br />1, 2 and 3, mock 3 and Lots 4 and 5, mock 1, until the elevation <br />of said Lots are raised to an elevation specified by the City <br />Engineer. <br /> <br />6. VARIAOCE TO FRONl'AGE REOUIREMENl'S. Variances for the frontage <br />requirements are granted to Los 1, 3, 4, 8, 9, and 10, mock 1 and <br />Lot 2, Block 2. <br /> <br />7. STAGE II IMPROVEMENTS. The developer shall be required to <br />complete Stage II improvements (sealcoating) as provided in <br />Sectoin 170.03 of the City Code. In addition, the Develo~r shall <br />provide a financial guarantee to the City for these improvements. <br />This guarantee shall be in the form of a cash deposit of City <br />approved letter of credit in the amount of $__________. This <br />guarantee shall be provided to the City prior to the issuance of <br />any certificates of occupancy for any lot in the plat. <br /> <br />IN wrmESS WHEREOF, the parties have executed this instrument this <br /> <br />_____ day of _______________, 198_. <br /> <br />Page3 of 4 <br />