Agenda - Council - 08/11/1992 - Laserfiche WebLink

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12. 13. 14. shall be deposited with the CITY at the time the Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required above. The $10,000 maintenance guarantee shall be held by the CITY for a one (1) year period from the date of completion of Stage I Improvements. This financial guarantee is for the purpose of insuring 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 one (1) year period if the CITY deems 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 Street Cleaning. From time to time, the CITY may remove accumulations of soil, earth and debris from the streets resulting from the construction of the Plat. It shall be the DEVELOPER'S 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. Street/Traffic Signs and Seal Coatiqg. The CITY will install in the Plat, as Stage II Improvements street/traffic signs, street lights and street seal coating. Street lights shall be installed by Anoka Electric Cooperative in locations as determined by the City Engineer. 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 recording 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 the street lights for the first 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 as follows: Street Cleaning Ten (I0) Street Light(s) Slzeet Light Maintenance & Operation for 3 Years Six (6) Traffic Sign(s) Seal Coating Six (6) Street Signs $300.00 4,125.00 2,980.00 720.00 6,940.00 720.00 Total: $16,085.00 Hard Surfaced Driveways and Sodded Boulevards. Hardsurface driveways and sodded boulevards are a requirement for each lot in the Plat. Said improvements shall be installed by the building permit applicant or the homeowner at the time the Certificate of Occupancy is issued or as soon thereafter as possible, weather permitting. In the event these improvements are not timely installed, the DEVELOPER, on behalf of all subsequent owners of tots within the Plat, agrees that the CITY may install said improvements on any lot(s) and specially assess its cost therefore against the lot(s). The DEVELOPER hereby waives all right to a public heating and other statutory rights or City Charter rights granted a property I I I I I I I I I I I