Agenda - Council - 09/28/1993 - Laserfiche WebLink

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10. financial guarantee required by Paragraph 8 above, the DEVELOPER shall also post a Stage I improvement maintenance guarantee with the CITY. Said maintenance guarantee shall be deposited with the CITY at the time Stage I Improvements are accepted by the CITY and prior to release by the CITY of the financial guarantee required by Paragraph 8 above. The $10,000 maintenance guarantee shall be held by the CITY for a one (1) year period from the date of its deposit. This financial guarantee is for the purpose of ensuring that the Stage I improvements have been consmacted in accordance with city standards and may be called upon at the CITY'S discretion during said one (1) year period if the CITY determines it necessary to repair and/or replace any of the Stage I improvements. Said financial guarantee 5hall ~ in'the form of a letter of credit, approved as to form by the CITY. Satisfaction of Sewer and Water Trunk Charges. This subdivision has been previously assessed for sewer and water trunk charges under City Improvement Projects g91-13 and //9t-14. The CITY agrees to credit the DEVELOPER for the costs associated with the over-sizing of watermain and incidental trunk utility costs the DEVELOPER may incur on this project by abatement of a portion of the outstanding sewer and water trunk assessments on the lots createdwithin this subdivision. STAGE II IMPROVEMENTS II. AND FINANCIAL GUARANTEES: 11. Street Cleaning. From _rime 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 s~:eet cleaning. Invoices from the CITY to DEVELOPER for such costs shall be paid within fifteen (15) days of the date of invoice. 12. Street/Traffic Signs. Street Lights. Street Cleaning and Seal Coating, The CITY will install in the Plat, as Stage II Improvements, street/traffic signs, street lights and seatcoating. The DEVELOPER will pay to the cITY as amount equal to 100% 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 street lights in locations determined by the City Engineer and installed by Anoka Electric Cooperative for the first three (3) years. The CITY will bill residents in the Plat at least quarterly for street light maintenance I I I I I I I I I I I I I I I I I I