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<br />3. Incorporation of All City Code Requirements. That the recitals above and the applicable <br />provisions of the City Charter, Subdivision Code, Zoning Code and Public Improvement <br />Code of the CITY, as amended to date hereof, are incorporated herein by reference. <br /> <br />4. Stage I Improvements Required. The improvements the CITY requires the <br />DEVELOPER to construct withinthe Plat are as follows: <br /> <br />a. Lateral watermain and appurtenances <br />b. Streets with concrete curb and gutter <br />c. Lot grading and permanent erosion control <br />d. Trail on Bunker Lake Blvd <br />e. Natural gas <br />f. Telephone service <br />g. Electric service <br /> <br />("Stage I Improvements") <br /> <br />The DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPERS' plans <br />submitted to the CITY. Said plans shall be in conformance with the five-sheet set of <br />plans entitled "Site Plan for TSM Development, Inc.;' last revised <br />prepared by James R. Hill, Inc. <br /> <br />. The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot comer stakes prior to the installation of underground utilities. <br /> <br />5. Stage I Imllrovements Completion Date. The Stage I Improvements shall be completed on <br />or before October 1,2008. <br /> <br />6. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a fmancial <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. The fmancial guarantee shall be in the amount of Dollars <br />and no cents ($ .00), which amount 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 the <br />form of cash or a letter of credit, approved as to form by the CITY. The financial guarantee <br />shall be deposited with the CITY at the time of execution of this agreement. Upon total <br />completion of Stage I Improvements (including the removal of "temporary" erosion control <br />measures as identified in the approved Grading Plan), acceptance by the CITY, supported by <br />appropriate lien waivers, the DEVELOPER may request a reduction in the amount of the <br />fmancial guarantee, 1:mt only if the maintenance guarantee required by Paragraph 9 below has <br />been deposited. <br /> <br />7. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br />by the City related t6 the installation of Stage I Improvements. The DEVELOPER shall <br />Regency Pond lh Addition <br />Development Agreement <br />Page 3 of9 <br /> <br />-299- <br />