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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 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 Stage I improvements have been consumcted 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 />10. ~treet 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 /> cleaning. Invoices from the CITY to DEVELOPER for such costs shall be paid within <br /> fifteen (15) days of the date of invoice. <br /> <br />Il. Street/Traffic Signs. Street Lights, Street Cleaning and Seal Coating. The <br /> CITY will install in the Plat, as Stage I1 Improvements, street/traffic signs, street lights <br /> and sealcoating. The DEVELOPER will pay to the CITY as amount equal to 100% of <br /> the City Engineer's estimated consmaction cost of the items prior to recording of the final <br /> Plat. The DEVELOPER shall also deposit an amount that is determined by the CITY to <br /> be adequate to aid in the operation and maintenance of street lights in locations determined <br /> by the City Engineer and installed by Anoka Electric Cooperative for the first three (3) <br /> years. The CITY will bill residents in the Plat at least quarterly for street light maintenance <br /> and operation costs; billings will be initiated at the time of connection to municipal water <br /> <br />and sanitary sewer. The cost of these items is: <br /> Street Cleaning <br /> Sealeoating <br /> One (I) Sneer Sign(s) <br /> One (1) Traffic Sign(s) <br /> Six (6) Street Light(s) <br /> Street Light Maintenance & Operation (3 Years) <br /> <br />$300.00 <br />$2,500.00 <br />$120.00 <br />$120.00 <br />$2,400.00 <br />$1,620.00 <br /> <br />/I <br /> <br /> <br />