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-132— <br />Plan), acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER <br />may request a reduction in the amount of the financial guarantee, but only if the maintenance <br />guarantee required by Paragraph 8 below has been deposited. The DEVELOPER shall pay <br />all financial guarantees before release of the plat for recording at Anoka County. <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. No Stage I Improvements are <br />being proposed with the Plat. The DEVELOPER agrees that the inspection fees required as <br />part of the Plat shall be paid to the City in the amount of Zero Dollars ($0.00). The <br />DEVELOPER shall pay all inspection fees before release of the plat for recording at Anoka <br />County. <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. No <br />Stage I Improvements are being proposed with the Plat. The amount of the maintenance <br />guarantee shall be Zero Dollars and No Cents ($0.00) or five percent (5 %) of the cost of the <br />Stage I Improvements, whichever is greater. • Said maintenance guarantee shall be held by the <br />CITY for a one (1) year period from the date of its deposit. This financial guarantee is for <br />the purpose of ensuring that the Stage I Improvements have been constructed in accordance <br />with City standards and may be called upon at the CITY'S discretion during said one (1) year <br />period if the CITY determines it necessary to repair and/or replace any of the Stage I <br />improvements. Said financial guarantee shall be in the form of a letter of credit, approved as <br />to form by the CITY. The maintenance guarantee . shall be in the amount of Zero Dollars and <br />No Cents ($0.00). <br />9. Sewer and Water Trunk Fees. The current sewer trunk fees are $3,859.00 per industrial <br />acre or $1,282.00 per residential dwelling unit. Water trunk fees are $8,413.00 per industrial <br />acre or $2,113.00 per residential dwelling unit. Lot 1, Block 1, Michels Property will remain <br />on private well and septic. The amount due on the Plat is Zero Dollars and No Cents <br />($0.00). These charges shall be the responsibility of the DEVELOPER, and will be collected <br />before the release of the plat for recording. The rate in effect at the time of execution of this <br />Agreement will be collected. <br />10. Stormwater Management Fees. The current stormwater management fees are $425 per <br />residential dwelling unit or $4,505 per commercial/industrial acre or $452 per residential <br />dwelling unit. Lot 1, Block 1 Michels Property is an existing lot of record. The amount due . <br />on the plat is Zero Dollars and No Cents ($0.00). These charges shall be the responsibility of <br />the DEVELOPER, and will be collected before the release of the plat for recording. The <br />rate in effect at time of execution of this Agreement will be collected. <br />Michels Property <br />Development Agreement <br />January 2009 <br />Page 4 of 9 <br />