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10. <br /> <br />Sta_ee I improvemen! Maintenance Financial Guarantee. In ad~tion to the <br />financial guarantee required by Paragraph 8 above, the DEVELOPER shall also post a <br />Stage 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 the <br />CITY and prior to release by the CITY of the financial guarantee required by Paragraph $ <br />above. The $10,000 maintenance guarantee shall be held by the CITY for a one (1) year <br />period from the date of its deposit. This financial guarantee is for the purpose of ensuring <br />that the Stage I improvements have been constructed in accordance with city standards and <br />may be called upon at the CITY'S discretion during said one (1) year period if the CITY <br />determines it necessary to repair and/or replace any of the Stage I improvements. Said <br />financial guarantee shall be in the form of a letter of credit, approved as to form by the <br />CITY. <br /> <br /> II. <br /> <br /> STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES: <br /> <br />11. Street Cleaning. From time to time, the CITY may remove accumulations of soil, earth <br /> and debris from the streets resulting from the construction of the Plat. It shall be the <br /> DEVELOPER'S responsibility to pay the costs associated with this necessary street <br /> ciearfing. Invoices from the CITY to DEVELOPER for such costs shall be pad within <br /> fifteen (15) days of the date of invoice. .. <br /> <br />12. <br /> <br />Street/Traffic Signs, Street Lights, Street Cteanin~ and Seal. Coating. The <br />CITY Mll install/n the Plat, as Stage I'I Improvements, street/rraftSc signs, street lights <br />and sealcoaring. The DEVELOPER wiI1 pay to the CITY as amount equal to 100% of <br />the City Engineer s esr/mated construction cost of the items prior to recording of the final <br />Ptat. The DEVELOPER shall also deposit an amount that is deterrmned by the CITY to <br />be adequate to aid in the operation and maintenance of street lights in tozarions determined <br />by the City En~neer and installed by Anoka Electric Cooperative for the fkrst three (3) <br />years. The CITY will bill residents in the Plat at least quarterly for street hght maintenance <br />and operation costs; billings will be initiated at the rime of connection to municipal water <br /> <br />and sanitary sewer. The cost of these items is: · · <br /> <br /> Street Cleaning <br /> Sealcoafi.ng <br /> Three (3) Street Lights <br /> <br /> Street Light Maintenance & Operation (3 Years) <br /> TOTAL <br /> <br />$300.00 <br />$1,200.00 <br />$1,350.00 <br />$810.00 <br />$3,660,00 <br /> <br /> <br />