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o <br /> <br />° <br /> <br />10. <br /> <br />Boulevard Area Restoration. The DEVELOPER shall be responsible for the cost of <br />establishing seed or sod in all boulevards within thirty (30) days of the completion of the <br />private street improvements, and restoring all other areas disturbed by the development <br />grading operation in accordance with the approved erosion and sediment control plan. The <br />DEVELOPER shall also be responsible for the cost of cleaning any soil, earth or debris <br />from the wetlands within and adjacent to this Plat resulting from grading performed in the <br />development of the land. <br /> <br />Requirements After Street Surfacing. At~er the street surfacing is installed, the <br />DEVELOPER shall clear any soil, earth, or debris from the streets and from the l°ts within <br />the Plat resulting fi.om any construction on the Subject Property by the DEVELOPER or <br />their successors and assigns. <br /> <br />Stage I Improvements Completion Date. The Improvement completion date shall be on <br />or before November 15, 20001 .' <br /> <br />Stage I Improvements Financial Guarantee. The DEVELOPER agrees and understands <br />that the CITY has the right, privilege and authority pursuant to Minnesota Statutes ChaPter <br />462.358 and as amended as a condition precedent to the approval of the plans and <br />specifications and approval of a final plat, to prescribe requirements and the extent to <br />which,' and the manner in which the installation of sewer and water and other facilities and <br />that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the <br />actual construction and installation of the required Stage I Improvements within a period <br />specified by the City Council. <br /> <br />The DEVELOPER shall provide a financial guarantee to the' CITY guaranteeing the <br />construction of the Stage I Improvements and their' timely completion. The financial <br />guarantee shall be in the amount of Forty Five Thousand Four Hundred Dollars and no <br />cents ($45,400), 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 letter of credit, approved as to form by the CITY. The financial guarantee required <br />by this paragraph shall be deposited with the CITY prior to release of the Plat mylars for <br />recording and any building permits. Upon total completion of Stage I Improvements, <br />acceptance by the CITY and supported by lien waiver, the DEVELOPER can request a <br />total reduction in the amount of the financial guarantee: <br /> <br />Stage I Improvements Maintenance Financial Guarantee. In addkion to the financial <br />guarantee required by Paragraph 8 above, the DEVELOPER shall also post a Stage I <br />Improvements 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 £mancial guarantee required by Paragraph 8 above. The <br />$10,000 maintenance guarantee shall be held by the CITY for one a (1) year per/od from <br />the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage <br />I Improvements have been constructed in accordance with City standards and may 'be called <br /> <br />3 <br /> <br />-159- <br /> <br /> <br />