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10. <br /> <br />11. <br /> <br />The DEVELOPER shall provide a financial guarantee to thc CITY guaranteeing the <br />construction of the Stage I Improvements and their timely completion. The <br />financial guarantee shall be in the amount of Three Hundred Thousand Dollars and <br />no cents ($300,000.00), which amount is 125% of the City Engineer's estimated <br />cost of the Stage I Improvements. The financial guarantee required by this <br />paragraph shall be in the form of cash, letter of credit, or a Pledge and Payment <br />Agreement, approved as to form by the CITY. The financial guarantee required by <br />this paragraph shall be deposited with the CITY at the time of execution of tkis <br />contract. Upon total completion of Stage I Improvements, acceptance by the CITY, <br />and supported by lien waiver, the DEVELOPER can request (in writing) a total <br />reduction in the amount of the financial guarantee upon providing a maintenance <br />guarantee. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 8 above, the DEVELOPER shall also post a Stage <br />I improvement maintenance guarantee with the CITY. Said maintenance guarantee <br />shall be deposited with the CITY at the time Stage I Improvements are accepted by <br />the CITY and prior to release by the CITY of the financial guarantee required by <br />Paragraph 8 above. The $10,000. maintenance guarantee shall be held by the CITY <br />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 <br />accordance with City standards and may be called upon at the CITY'S discretion <br />during said one (1) year period if the CITY determines k necessary ,to repair and/or <br />replace any of the Stage I improvements. Said financial guarantee shall be in the <br />form of a letter of credit, approved as to form by the CITY. <br /> <br />II. STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />Street Cleaning. From time to time, the CITY may remove accumulations of soil, <br />earth and debris from the streets resulting from the construction of the Plat. It shall <br />be the DEVELOPER'S responsibility to pay the costs associated with this necessary <br />street cleaning. Invoices from the CITY to DEVELOPER for such costs shall be <br />paid within fifteen (15) days of the date of invoice. <br /> <br />Street/Traffic Signs, Street Lights, Street Cleaning and Seal Coating: The CITY <br />will install in the Plat, as Stage 11 Improvements, street/traffic signs and <br />sealcoating. The DEVELOPER will pay to the CITY an amount equal to 100% of <br />the City Engineer's estimated construction cost of the items prior to recording of the <br />final Plat. The DEVELOPER shall also deposit an amount that is determined by the <br />CITY to be adequate to aid in the operation and maintenance of street lights in <br />locations determined b.y the City Engineer and installed by Anoka Electdc <br />Cooperative for the first three (3) years. The CITY will bill residents in the Plat at <br />least quarterly for street light maintenance and operation costs; billings will be <br />initiated at the time of connection to municipal water and sanitary sewer. The cost <br />of these items is: <br /> <br />Street Cleaning <br />Sealcoating <br />Two (2) Traffic Sign(s) <br />Three (3) Street Sign(s) <br />Four (4) Street Light(s) <br />Stree[Light Maintenance & Operation (3 Years) <br /> TOTAL <br /> <br />$300.00 <br />$3,750.00 <br />$240.00 <br />$360.00 <br />$2,000.00 <br />SI,080.00 <br />$7,730.00 <br /> <br /> <br />