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10. <br /> <br />graded or improved, the installation of other facilities, and the removal of debris <br />and that the DEVELOPER shall provide a financial guarantee to the CITY to <br />provide for the actual construction, installation of the required Stage t <br />Improvements, and removal of debris wifl'fin 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 Twenty Thousand Seven Hundred <br />Fifty Dollars and no cents ($20,750.00), which amount is I25% of the City <br />Engineer's estimated cost of the Stage I Improvements. The financial guarantee <br />required by this Paragraph shall be in the form of cash or a Letter of Credit <br />approved as to form by the CITY. The financial guarantee required by this <br />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 CITY, <br />and supported by lien waiver, the DEVELOPER can request (in writing) a total <br />reduction in the amount of the Letter of Credit upon providing a maintenance <br />guarantee. The CITY agrees to allow a reduction in the Letter of Credit for any <br />improvements installed by the DEVELOPER and accepted by the CITY, <br /> <br />Sta? I Imt~rovement Maintenance Financial Guarantee. In addition to <br />the financial guarantee required a~ve, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee <br />shall be deposited with the CITY at the time the Stage I Improvements are accepted <br />by the CITY and prior to release by the CITY of the financial guarantee required <br />above. The $10,000 maintenance guarantee shall be held by the CITY for a one <br />(I) year period from the date of its deposit. This financial guarantee is for the <br />purpose of insuring 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 deems it 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 />1i. <br /> <br />12. <br /> <br /> II. <br />STAGE II IMPROVEMENTS <br /> <br />Street Cleaning. From time to time, the CITY may remove accumulations of <br />soil, earth and debris from the streets resulting from the consu-ucfion of the Plat. It <br />shall be the DEVELOPER'S responsibility to pay the costs associated with this <br />necessary street cleaning. Invoices from the CITY to DEVELOPER for such <br />costs shall be paid within fifteen (15) days of the date of invoice. <br /> <br />Street/Traffic Si,ns and Seal Coating. The CITY will install in the Plat as <br />Stage II Improvements, street/traffic signs, street lights and street seal coating. <br />Street lights shall be installed by Anoka Electric Cooperative in locations as <br />determinex] by the City En~neer. The DEVELOPER will pa3' to the CITY an <br />amount equal to 100% of the City Engineer's.estimated construction cost of the <br />items prior to recording of the final plat. The cost of these items is as follows: <br /> <br />Street Cleaning <br />Sealcoaring <br />One (1) Street Sign <br />One (1) Traffic Sign <br /> <br /> $300.O0 <br />$2,600.00 <br /> $120.00 <br /> $200.00 <br /> <br /> <br />