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<br />5. Stage I Iinprovements Completion Date. The Stage I Improvements shall be completed on <br />or before November 24, 2010. <br /> <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 financial guarantee shall be in the amount of <br />Dollars and No Cents ($ .00) which amount is 125% of the City Engineer's <br />estimated cost of tJ;1e Stage I Improvements. The financial guarantee required by this <br />paragraph shall be in the form. of cash or a letter of credit, approved as to form by the CITY. <br />The financial guarantee shall be deposited with the CITY at the time of execution of this <br />agreement. Upon total completion of Stage I Improvements (including the removal of <br />"temporary" erosion control measures as identified in the approved Grading Plan), <br />acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER may <br />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 ofthe plat for recording atAnoka 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 t~e City in the amount of <br />Dollars and No Cents ( .00). The DEVELOPER shall pay all <br />inspection fees before release of the plat for recording at Anoka County. <br /> <br />8. Stage I Improvement Maintenance Financial Guarantee. Since no Stage I Improvements <br />require a maintenance financial guarantee, the DEVELOPER will not be required to post a <br />Stage I Improvement maintenance guarantee with the CITY. <br /> <br />. 9. Sanitary Sewer and Water Trunk Fees. Since the DEVELOPMENT will be served by . <br />private well imd septic, no Sanitary Sewer or Water Trunk Fees will be collected. Any <br />additional lots created with future plats will be subject to Sanitary Sewer and Water Trunk <br />Fees at the rate in effect at the time a development agreement is executed if located within the <br />Metropolitan UrbaQ. Service Area (MUSA) and/or connecting to these services, or otherwise <br />required. . <br /> <br />10. Stormwater Management Fees. Stormwater Management Fees were not collected with the <br />existing RABBIT RUN plat. Since no additional buildable lots are being created, the <br />DEVELOPER is not required to pay a Stormwater Management Fee .for the Plat. Any <br />additional lots created with future plats will be subject to Stormwater Management Fees at <br />. the rate in effect at the time a development agreement is executed. <br /> <br />Elmcrest Sanctuary <br />DeveloplnentAgreement <br />November 2009 <br />Page 3 of 8. <br /> <br />39 <br />