Agenda - Council - 06/11/1992 - Laserfiche WebLink

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speOificati{)ns approved by the CITY, and that the special assessments are paid as required herei~i, B[ecause. of the need to guarantee the payment of the special assessments, the escro~v sh~tll be retained for the five (5) year payment term of the assessments, or earlier date' and l~sser amount at such time that outstanding special assessments and all other develc~per 6bligations are less than the original cash requirement. 11. Estinlated Costs. It is understood and agreed that construction cost amounts set forth in this Agreeinent as Stage I and Stage II Improvements, unless specified as fixed amounts, are es.tima[ed. The DEVELOPER agrees to pay the entire cost of said improvements includ!ng i.hterest, fiscal engineering and legal charges. 12. Date !Fori Supnlving Financial Guarantee. The DEVELOPER agrees to supply the fi~anC{al guarantee as described above to the CITY prior to the CITY ordering prepa~tiorl of the plans and specifications for construction of the Stage I Improvements. STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES: 13. StreetI, Cieamne. From time to time, the CITY may remove accumulations of soil, earth and d{ibris[from the streets resulting from the construction of the Plat. It shall be the DE¥~LO~ER'S responsibility to pay the costs associated with this necessary street clear!i~g. ~nvoices from the CITY to DEVELOPER for such costs shall be paid within fifteeni(15)~ days of the date of invoice. 14.$treetiTvaffic Siens, Street Liehts and Seal Coatine. The CITY will install in the Plfat, .~s Stage II Improvements, street/traffic signs and sealcoating. The DEVELOPER will pay to the CITY as amount equal to 100% of the City Engineer's estirriaied qonstruction cost of the items prior to recording of the final Plat. The DEVI~LO!PER shall also deposit an amount that is determined by the CITY to be adequdte tolaid in the operation and maintenance of street lights in locations determined by the Cit~ Engineer and installed by Anoka Electric Cooperative for the first three (3) years. The CiTY ~vill 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: