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<br />timely completion. The financial guarantee shall be in the amount of <br />which amount is 125% ofthe City Engineer's estimated cost ofthe <br />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 />financial guarantee, but only if the maintenance guarantee required by Paragraph 8 below has <br />been deposited. The DEVELOPER shall pay aU financial guarantees before release of the <br />plat for 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 />The DEVELOPER shall pay all inspection fees <br />before release of the plat for recording at Anoka 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 Ten Thousand Dollars and No Cents <br />($10,000.00) or five percent (5%) of the cost of the Stage I Improvements, whichever is <br />greater. Said mai~tenance guarantee shall be held by the CITY for a one (1) year period <br />from the date of its deposit. This financial 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 [mancial <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 <br /> <br />9. Sewer and Water Trunk Fees. The current sewer and water trunk fees are $11,544.00 per <br />commercial acre. The amount due on the Plat is attributable to the expanded Lot 1, Block 1 <br />Knoll Properties (3.22 acres) is Eleven Thousand Six Hundred Eighty Nine Dollars and No <br />Cents ($11,689.00) for sanitary sewer and Twenty Five Thousand Four Hundred Eighty <br />Three Dollars and No Cents ($25,483.00) for water. These charges shall be the responsibility <br />of the DEVELOPER, and will be collected before the release of the Plat for recording. <br />Payment of these fees on Lot 2, Block 1, Knoll Properties will be collected when a <br />development proposal is brought forward and at the rate in effect at the time the development <br />proposal is approved will be utilized. <br /> <br />KnollProperties Addition <br />Development Agreement <br />June 2008 <br />Page 3 of7 <br /> <br />-194- <br />