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SECTION I <br />STAGE I IMPROVEMENTS AND FINANCIAL GUARANTEES <br />1, City Code Compliance. That the DEVELOPER will develop the Plat in accordance <br />with the City Code, Section 9.50, entitled "Subdivision." <br />2 Conformance with Plan. The Plat sh911 be developed pursuant to the final plat <br />consisting of one sheet (1) sheet, prepared by RLK Incorporated. <br />3 Incorporation of All City Code Requirements. That the recitals above and the <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 />4. Dumping of Garbage. The DEVELOPER shall adhere to all City ordinances relating <br />to, but not limited to, dumping of garbage, site development, construction' debris, open <br />burning, etc. . <br />5. Stage I Improvements Required.. The improvements the CITY requires the <br />DEVELOPER to construct within the Plat are as follows: <br />a. Lot grading and permanent erosion control <br />b. Trail Construction along Sunfish Lake Boulevard, per the approved grading plan. <br />( "Stage I Improvements ") <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 general conformance with the Grading <br />Plan prepared by RLK Engineering dated August 23, 2007. Final construction plans for <br />the Stage I Improvements shall be submitted to the City Engineer for review and approval <br />prior to commencement of construction. <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot corner stakes prior to the installation of underground utilities. <br />6. Stage I Improvements Completion Date. The Stage I Improvements shall be completed <br />on or before October 1, 2008. <br />7. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a <br />financial guarantee to the CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. The financial guarantee shall be in the <br />amount of Thirty -eight thousand dollars and no cents ($38,000.00), which amount is <br />125% of the City Engineer's estimated cost of the Stage I Improvements. The financial <br />Sunfish Lake Development <br />Development Agreement <br />October 2007 <br />2of7 <br />