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<br />6. Stage I Improvement Financial Guarantee. The DEVELOPER shall provide a financial <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. The [manciaI guarantee shall be in the amount of Four Thousand Dollars <br />($4,000) which amount is 125% of the City Engineer's estimated cost of the Stage I <br />Improvements. The financial guarantee required by this paragraph shall be in the form of <br />cash or a letter of credit, approved as to form by the CITY. The financial guarantee shall be <br />deposited with the CITY at the time of execution of this agreement. Upon total completion <br />of Stage I Improvements. (including the removal of "temporary" erosion control measures as <br />identified in the approved Grading Plan), acceptance by the CITY, supported by appropriate <br />lien waivers, the DEVELOPER may request a reduction in the amount of the [mancial <br />guarantee, but only if the maintenance guarantee required by Paragraph 8 below has been <br />deposited. The DEVELOPER shall pay all financial guarantees before release of the plat for <br />recording at Anoka County. <br /> <br />7. Inspection Fees. The DEVELOPER shall be responsible for all inspection costs incurred <br />by the City related to the installation of Stage I Improvements. The DEVELOPER agrees <br />that the inspection fees required as part of the Plat shall be paid to the City in the amount of <br />One Hundred Sixty Dollars ($160). The DEVELOPER shall pay all inspection fees before <br />release of the plat for recording at A.lloka County. <br /> <br />8. Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 6 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be <br />deposited with the CITY at the time Stage I Improvements are accepted by the CITY and <br />prior to release by the CITY of the financial guarantee required by Paragraph 6 above. The <br />amount of the maintenance guarantee shall be One Thousand Dollars ($1,000) or five percent <br />(5%) of the cost of the Stage I Improvements, whichever is greater. Said maintenance <br />guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. <br />This financial guarantee is for the purpose of ensuring that the Stage I Improvements have <br />been constructed in accordance with City standards and may be called uponat the CITY'S <br />discretion during said one (1) year period if the CITY determines it necessary to repair and/or <br />replace any of the Stage I improvements. Said financial guarantee shall be in the form of a <br />letter of credit, approved as to form by the CITY. The maintenance guarantee shall be in the <br />amount of One Thousand Dollars ($1,000). <br /> <br />9. Sewer and Water Trunk Fees. The current sewer and water trunk fees are $3,228.00 per <br />commercial acre. The amount due on the Plat is Six Thousand Four Hundred Fifty Six <br />Dollars ($6,456.00). These charges shall be the responsibility of the DEVELOPER, and will <br />be collected before the release of the plat for recording. <br /> <br />10. Stormwater Management Fees. The current stormwater management fees are $425 per <br />residential dwelling unit. Stormwater management fees will only be collected on the two <br /> <br />Ebony Woods <br />Development Agreement <br />June 2008 . <br />Page 3 of7 <br /> <br />-41- <br />