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<br />. <br /> <br />. <br /> <br />. <br /> <br />amount of the maintenance guarantee shall be Ten Thousand Dollars and no cents ($10,000) <br />or five percent (5%) of the cost of the Stage I Improvements (5% x $153,000), whichever is <br />greater. Said maintenance guarantee shall be held by the CITY for a one (1) year period <br />from the date of its deposit. This fmancial guarantee is for the purpose of ensuring that the <br />Stage I Improvements have been constructed in accordance with City standards and may be <br />called upon at the CITY'S discretion during said one (1) year period if the CITY determines <br />it necessary to repair and/or replace any of the Stage I improvements. Said financial <br />guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The <br />maintenance. guarantee shall be in the amount of Ten Thousand Dollars and no cents <br />($10,000.00). <br /> <br />SECTION II <br />STAGE IT IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />9. Stage II Improvements Required. The Stage II Improvements which the CITY requires <br />the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) Street striping and signing <br />b) Roundabout signing and striping <br />c) Traffic signing <br />" d) Future through street signing <br />e) Street lights <br />f) Street light maintenance <br />g) Street sweeping <br />h) Seal coating <br /> <br />("Stage II Improvements") <br /> <br />10. Payment for Stage II Improvements. The CITY will install in the Plat the ~tage IT <br />Improvements. The DEVELOPER shall also deposit an amount that is determined by the <br />CITY to be adequate to aid in the operation and maintenance of street lights in locations <br />within the Plat determined by the City Engineer and installed by Connexus for the first three <br />(3) years after fmal plat approval. The CITY will bill residents in the Plat at least quarterly <br />for street light maintenance and operation costs; billing will be initiated at the time a <br />residence connects to municipal water and sanit8.ry sewer. The DEVELOPER will pay to <br />the CITY an amount equal to 100% of the City Engineer's estimated construction cost of the <br />items prior to recording of the fmal Plat. The City Engineer's estimated cost of construction <br />IS: <br /> <br />a) Street lights (1 @$1500) <br />b) Street light maintenance (1 @$270) <br />c) Street sweeping <br />d) Seal coating (1575 Sq. vds (cV,$.85/sq. vd.) <br /> <br />$ 1,500.00 <br />$ 270.00 <br />$ 300.00 <br />$ 1.339.00 <br /> <br />$ 1,339.00 <br /> <br />("Stage IT Improvements") Total <br />Amber Ridge 21/d Addition <br />Development Agreement <br />Page 4 of 11 <br /> <br />-287- <br />