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c. Lot grading <br />d. Landscaping <br />12. Upon receipt by the CITY of the following items and after holding a pre -construction <br />meeting, PERMITTEE may commence improvements: <br />a. Execution of this Agreement; <br />b. Proof of marketable title; <br />c. The Financial Guaranty for all Improvements <br />d. Inspection escrow; <br />e. Warranty Guarantee; and <br />f. Maintenance Guarantee for Landscaping. <br />13. Financial Guaranty for Stage I Improvements, Stage II Improvements, and Required <br />Private Improvements. The PERMITTEE shall provide a financial guaranty to the CITY <br />guaranteeing the construction of the Stage I Improvements, Stage II Improvements, and <br />Required Private Improvements, as well as their timely completion. The PERMITTEE <br />shall be responsible for a financial guarantee in the amount of $1,215,490.00, which <br />amount is 125% of the CITY Engineer's estimated cost of the Stage T Improvements. Upon <br />completion of all or a portion of the Stage I Improvements, acceptance by the CITY and <br />supported by appropriate lien waivers, the PERMITTEE may request a reduction in the <br />amount of the financial guaranty — only one reduction may be requested and processed per <br />calendar month. <br />14. Inspection Escrow for the Stage I Improvements. Stage II Improvements. and Required <br />Private Improvements. The PERMITTEE shall provide an inspection escrow to the CITY <br />to inspect the Stage I Improvements, Stage II Improvements, and Required Private <br />Improvements. The PERMITTEE shall be responsible for an inspection escrow in the <br />amount of $48,620.00, which amount is 5% of the City Engineer's estimated cost of the <br />Stage I Improvements, Stage II Improvements, and Required Private Improvements. The <br />inspection escrow must be in the form of cash. The PERMITTEE may request a refund <br />of the remaining balance in the escrow upon completion of the Stage I Improvements, Stage <br />II Improvements, and Required Private Improvements, after acceptance by the CITY. <br />15. Warranty for Stage I and Stag_ e II Improvements. The PERMITTEE shall provide a one- <br />year warranty in the amount of $243,098.00, which is 25% of the cost of the Stage I and <br />Stage TT Improvements. Said warranty shall be in force for one year following the final <br />acceptance of any required Stage T and Stage TT improvements and shall guarantee <br />satisfactory performance of said improvements. The warranty must be in the form of a <br />Letter of Credit, approved as to form by the CITY, or a cash escrow. <br />16. Maintenance Guarantee for Landscaping. It is herein agreed that the PERMITTEE shall <br />provide the CITY a landscape maintenance guaranty to ensure the survival of the <br />plantings. Said landscape maintenance guaranty shall consist of cash or a Letter of Credit, <br />approved as to form by the CITY, in the amount of $15,660.00. [# plantings (78 trees) x <br />cost/planting ($300/tree x 30% average non -survival rate), # plantings (384 shrubs) x <br />cost/planting ($75/shrub x 30% average non -survival rate)], which shall be in effect for a <br />Waterfront Village 3rd Addition <br />Development Agreement <br />Page 4 of 13 <br />