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ensuring that the Stage I Improvements have been constructed in accordance with City <br />standards and may be called upon at the CITY'S discretion,during said one (1) year period if <br />the CITY determines it necessary to repair and/or replace any of the Stage I improvements. <br />Said financial guarantee shall be in the form of a letter of credit, approved as to form by the <br />CITY. The maintenance guarantee shall be in the amount of Ten Thousand Dollars and no <br />cents ($10,000.00). <br /> <br />Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of <br />Three Hundred Five Thousand Two Hundred Fifty Dollars and no cents ($305,250.00) (74 <br />units x $4,125/unit) due on the Plat. <br /> <br />10. Stormwater Management Fee. The current stormwater management fee is $375.00 per unit. <br /> Therefore, there is cash payment of Twenty Seven Thousand Seven Hundred Fifty Dollars <br /> .and no cents ($27,750.00) due for stormwater management for this Plat. <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES <br /> <br />11. Stage II Improvements Required, The Stage II Improvements which the CITY reqnires <br /> the DEVELOPER to construct within the Plat are as follows: <br /> <br />a) <br />b) <br />c) <br />d) <br />e) <br /> <br />g) <br />h) <br /> <br />Street striping and signing <br />Street lights <br />Street light maintenance and operation <br />Sealcoating <br />Street sweeping <br />Adjusting water shut-off boxes <br />Maintenance of storm water and facilities <br />Boulevard seeding <br /> <br />("Stage II Improvements") <br /> <br />12. Payment for Stage II Improvements. The CITY will install in the Plat the Stage ii <br /> Improvements. The DEVELOPER shall also deposit an amount that is determined by the <br /> CITY to be adequate to aid in the operation and maintenance of street lights in locations <br /> within the Plat determined by the City Engineer and installed by Connexus for the first three <br /> (3) years after final plat approval. The CITY will bill residents in the Plat at least quarterly <br /> tbr street light maintenance and operation costs; billing will be initiated'at the time a <br /> residence connects to municipal water and sanitary sewer. The DEVELOPER will pay to <br /> the CITY an amount equal to 100% of the City Engineer's estimated construction cost of the <br /> items prior to recording of the final Plat. The City Engineer's estimated, cost of construction <br /> is: <br /> <br />Development Agreement/Village of Sunfish Lake 2na Addition <br /> Page 4 of 12 <br /> <br /> <br />