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("Required Improvements") <br />The PERMITTEE agrees to construct the Required Improvements according to the terms and <br />conditions of this Agreem ent, in accordance with the Plans, and in compliance with Staff review <br />comments. <br />7. Required Off -Site Improvements. The PERMITTEE shall construct and install the following <br />site improvements in the right-of-way of 141st Avenue NW and Basalt Street NW immediately <br />south and west of the Subject Property in accordance with the specifications and location as shown <br />on the Plans. The Required Improvements and the allocated costs therefor are as follows: <br />Required Improvement — Blanery Cost 125% of Cost <br />Release Amount <br />f. Site work (including lot grading, $9,970.00 $12,463.00 <br />parking lot and driveway <br />bituminous pavement, and <br />concrete walkways, curb, and <br />gutter) <br />g. Landscaping (including temporary $700.00 $875.00 <br />and permanent erosion control) <br />TOTAL $10,670.00 $13,33 8.00 <br />("Required Improvements") <br />The PERMITTEE agrees to construct the Required Improvements according to the terms and <br />conditions of this Agreem ent, in accordance with the Plans, and in compliance with Staff review <br />comments. <br />8. Required Improvements Completion Date. The Required Improvements shall be <br />completed within twenty-four (24) months from the date of Site Plan approval for the New <br />Building, subject to Unavoidable Delays. For the purposes of this Agreement, Unavoidable Delays <br />means delays, outside the control of the party claiming its occurrence, which are the result of <br />strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, global <br />pandemic, epidemic, fire or other casualty to the Project, litigation commenced by third parties <br />which, by injunction or other similar judicial action or by the exercise of reasonable discretion, <br />results in delays, or acts of any federal, state or local governmental unit other than the CITY. <br />9. Required Improvements Financial Guaranty. In order to ensure the installation of the Required <br />Improvements in accordance with CITY specifications and in a timely manner, the PERMITTEE <br />shall be required to deposit with the CITY a cash escrow or an irrevocable letter of credit, approved <br />as to form by the CITY, m the amount of One Hundred Ninety -Four Thousand Five Hundred <br />Seventy -Six Dollars and No Cents ($194,576.00), which is 125% of the CITY's estimated cost <br />of the Required Improvements for the on -site and off -site improvements. Prior to the issuance of <br />the building permit, the financial guaranty must be provided as required herein. <br />At the request of PERMITTEE, the CITY shall, not more frequently that once monthly, release <br />that part of the Financial Guaranty for any completed portion of the Required Improvements in the <br />amount set forth in Section 6 that have been accepted in writing by the CITY. Upon completion <br />of the construction of all or any remaining of the Required Improvements and written acceptance <br />by the CITY, the financial guaranty shall be returned to the PERMITTEE and the PERMITTEE <br />shall be required to provide the landscaping maintenance guaranty described in Section III <br />Blanery LLC <br />Development Agreement <br />Page 3 of 9 <br />