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10. <br /> <br />11. <br /> <br />for the actual construction and installation of the required Stage I Improvements <br />within a period specified by the City Council. <br /> <br />The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing <br />the construction of the Stage I Improvements and their timely completion. The <br />financial guarantee shall be in the amount of Six Hundred Twenty Five Thousand <br />Dollars and no cents ($625,000.00), which amount is I25% of the City Engineer's <br />est/mated cost of the Stage I Improvements. The financial guarantee required by <br />this 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 this <br />contract. Upon total completion of Stage I Improvements, acceptance by the <br />CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a <br />total reduction in the amount of the financial guarantee upon providing a <br />ma/.ntenance guarantee. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the f'mancial <br />guarantee required by Paragraph 8 above, the DEVELOPER shall also post a <br />Stage I Lmprovement maintenance guarantee with the CITY. Sa.id maintenance <br />guarantee shall be deposited with the CITY at the time Stage I Improvements are <br />accepted by the CITY and prior to release by the CITY of the financial guarantee <br />required by Paragraph 8 above. The $t0,000 maintenance guarantee shall be held <br />by the CITY for a one (1) year period from the date of its deposit. This financial <br />guarantee is for the purpose of ensuring that the Stage I improvements have been <br />constructed in accordance with City standards and may be called upon at the <br />CITY'S discretion during said one (1) year period if the CITY determines it <br />necessary to repair and/or replace any of the Stage I improvements. Said financial <br />guarantee shall be in the form of a letter of credit, approved as to form by the <br />CITY. <br /> <br />II. STAGE It IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />Street Cleaning. From time to dme, the CITY may remove accumulations 6f 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 <br />necessary street cleaning. Invoices from the CITY to the DEVELOPER for such <br />costs shall be 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, sweet/traffic signs and <br />sealcoating. The DEVELOPER will pay to the CITY an amount equal to 100% <br />of the City Engineer's estimated construction cost of the items prior to recording of <br />the final Plat. The DEVELOPER shall also deposit an amount that is determined <br />by the CITY to be adequate to aid in the operation and maintenance of street lights <br />in locations determined by the City Engineer and installed by Anoka Electric <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 $300.00 <br />Sealcoating $8,150.00 <br /> <br /> I <br /> I <br /> I <br /> ! <br /> ! <br /> ! <br /> I <br /> I <br />!; <br />I <br />! <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />