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10. <br /> <br />above. The amount of the maintenance guarantee shall be Ten Thousand Dollars and no <br />cents ($10,000) or five percent (5%) of the cost of the Stage I Improvements, whichever <br />is greater. Said 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 <br />and may be called upon at the CITY'S discretion during said one (1) year period if the <br />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 <br />the CITY. The maintenance guarantee shall be in the amount of One Thousand Four <br />l-[undred Seven Dollars and no cents ($1,407.00). <br /> <br />Sewer and Water Trunk Charges. The current Sewer and Water Trunk Charge is <br />$3,284.00 per commercial acre. Total Sewer and Water Trunk Charge obligations for the <br />Development are Thirteen Thousand One Hundred 'Thirty-Six Dollars and no cents <br />($13,136.00) (4 acres x $3,284.00/acre). <br /> <br />11. <br /> <br /> SECTION II <br />STAGE II IMPROVEMENTS AND FINANCIAL. GUARANTEES <br /> <br />Hard Surfaced Driveways. Hard surfaced driveways (bituminous or concrete) are a <br />requirement for each lot in the Plat. Said improvement shall be installed by the building <br />permit applicant or the homeowner at the time the Certificate of Occupancy is issued or <br />as soon thereafter as possible, weather permitting. In the event this improvement is not <br /> / <br />timely installed on a lot, the DEVELOPER and/or the DEVELOPER'S assign(s), <br />agrees that the CITY may install said improvement on the lot and specially assess the <br />cost therefore against the lot. The DEVELOPER hereby waives all right to a public <br />hearing and other statutory rights or City Charter rights granted a property owner relating <br />to special assessments, including the right to appeal the special assessment for installation <br />of thc hard surfaced driveway. In addition, the DEVELOPER grants the CITY a license <br />to enter on each lot of the Plat in order to install the improvement described in this <br />paragraph if the same has not been previously constructed. <br /> <br /> SECTION III <br />BUILDING PERMITS AND CERTIFICATE OF OCCUPANCY <br /> <br />Requirements for Building Permits. No building permit for any lot in the Plat shall be <br />issued until (a) site plan approval is granted by the CITY and any expense incurred in <br />giving site plan approval has been reimbursed to the CITY; (b) the Building Official has <br />been provided with a copy of the approved site plan, signed by a registered architect or <br />surveyor, showing all dimensions to scale; (c) the Plat has been recorded at Anoka <br />C~unty Property Records, (d) A Lower Rum River Watershed Management Organization <br />['crmit has been obtained. The CITY reserves the right to suspend all building activities <br />up;m the CITY being notified by an outside agency that the appropriate permit(s) was not <br /> <br />Rivenwiclr Village 2na Addition <br /> Development Agreement <br /> Page 4 of 8 <br /> <br /> <br />