Agenda - Council - 09/24/1996 - Laserfiche WebLink

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13. Stage I Improvement Maintenance Financial Guarantee, In addition to the financial guarantee required by Paragraph 12 agove, the DEVELOPER shall also post a Stage I Improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 8 above. The $10,000 maintenance guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I Improvements have been constructed in accordance with City standards and may be called upon at the CITY'S discretion during said (1) year period if the CITY determines it necessary to repair and/or replace any of the Stage I Improvements. Said financial guarantee shall be in the form of a letter of credit, approved as to form by the CITY. II. STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES: 14. Street Cleaning, From time to time, the CITY may remove accumulations of soil, earth and debris from the street resulting from the construction of the Plat. It shall be the DEVELOPERtS responsibility to pay the costs associated with this necessary street cleaning. Invoices from the CITY' to DEVELOPER for such costs shall be paid within fifteen (15) days of the date of invoice. I5.Street/Traffic Signs,_Street Lights, Street Cleaning and Seal CoatinG, The CITY will install ih the Plat as Stage II Improvements, street/traffic signs, street lights and sealcoating. The DEVELOPER will pay to the CITY an amount equal to i00% of the City Engineer's estimated construction cost of the items prior to recc~-ding of the final plat. The DEVELOPER shall also deposit an amount that is determined by the CITY to be adequate to aid in the operation and maintenance of street lights in locations determined by the City Engineer and installed by Anoka Electric Cooperative for the fin-st three (3) years. The CITY will bill residents in the Plat at least quarterly for street light maintenance and operation costs; billings will be initiated at the time of connection to municipal water and sanitary sewer. The cost of these items is: Street Cleaning $300.00 Sealcoating $2,300.0 I I I I I I I I I I I I I I I I I I