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shall be deposited with thc CITY at thc time Stage I Improvements are accepted by thc <br />CITY and prior to release by the CITY of the £mancial 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 constructed in accordance with city standards and <br />may be called upon at the CITY'S discretion during said one (1) year per/od 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 />Il. <br /> <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES: <br /> <br />10. Street Cleanine. 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 Liehts. Street Cleaning and Seal Coating. The <br /> CITY will install in the Plat, as Stage 17 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 to aid in the operation and maintenance of street lights in locations determined by <br /> the City Engineer and installed by Anoka Electric Cooperative for the fa'st three (3) years. <br /> The CITY 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 /> <br />sanitary sewer. Thc cost of these items is: <br /> Street Cleaning <br /> Sealeoating <br /> <br /> Two (2) Traffic Sign(s) ,. <br /> One (1) Street Sign(s) <br /> Three (3) Street Light(s) <br /> <br /> Street Light Maintenance & Operation (3 Years) <br /> <br /> $300.00 <br /> $2,000.0O <br /> $240.00 <br /> $120.00 <br /> $1,200.00 <br /> $810.00 <br />$4,670.00 <br /> <br /> <br />