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financiaJ iguarantee required by Paragraph 8 above, the DEVELOPER shall also post a <br />Stage I i~provement maintenance guarantee with the CITY. Said maintenance guarantee <br />shall be d~eposited with the CITY at the time Stage I Improvements are accepted by the <br />CITY anO prior to release by the CITY of the financial guarantee required by Paragraph 8 <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 S~tage I improvements have been constructed in accordance with city standards and <br />may be c~illed upon at the CITY'S discretion during said one (1) year period if the CITY <br />determines it necessary to repair and/or replace an3' 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 /> <br />CITY. <br /> <br />II. <br /> <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES: <br /> <br />10. Street (:iea. ning. From time to time, the CITY may remove accumulations of soft, earth <br /> and debts from the streets resulting from the construction of the Plat. It shall be the <br /> DEVELlpPER'S responsibility to pay the costs associated with this necessary street <br /> cleaning. [ Invoices from the CITY to DEVELOPER for such costs shall be paid within <br /> fifteen (1~) days of the date of invoice. <br /> <br />l l. Street/T~affic Signs.. Street Lights, Street Cleaning and Seal Coating. The <br /> CITY w~l install in the Plat, as Stage II Improvements, street/traffic signs and sealcoating. <br /> The DEVELOPER will pay to the CITY as amount equal to 100% of the City Engineer's <br /> estimated construction cost of the items prior to recording of the final Plat. The <br /> DEVELOPER shall also deposit an amount that is determined by the CITY to be <br /> adequate !o aid in the operation and maintenance of street lights in locations determSned by <br /> the Ci.ty Bfigineer and installed by Anoka Electric Cooperative for the first three (3) years. <br /> The CIT~ will bill residents in the Plat at least quarterly for street light maintenance and <br /> operation [costs; billings will be initiated at the time of connection to municipal water and <br /> sanitary s~wer. The cost of these items is: <br /> [ <br /> Street Cleaning $300.00 <br /> Se~lcoating $1830.00 <br /> Or~e (1) Traffic Sign(s) $120.00 <br /> Or~e (1) Street Sign(s) $120.00 <br /> Three (3) Street Light(s) $1260.00 <br /> <br /> <br />