Laserfiche WebLink
improvements with_in the particular Subdivision provided, howeve- <br />deposi[s for Stage ii improvements may be merged into a single fu..__9.'50'50 <br /> <br />Subd. 5. City Participation, Residential Developments <br /> <br />Certain Improvements. The owner or subdivider engaged in the <br />development of lands which are zoned Residential may request City <br />participation in the payment of the costs of the installation of improvements <br />listed in 9.50.50 Subd. 2a 1 and 2.. City participation shall be negotiated <br />with the Subdivider and established by the City Council pursuant to entering <br />into a Development Agreement.. The Council shall, on a case by case basis, <br />determine infrastructure impact on areas outside the subdivision. City <br />required oversizing of infrastructure beyond the appropriate standard <br />residential or commercial equivalent may be eligible for funding by the <br />City. Source of City funding shall not be a determinate of financial <br />participation. <br /> <br />Installation by City. All Stage I improvements shall be planned, desi~ned, <br />inspected and/or approved by the City Engineer. The administrative charges <br />of the City in connection with such improvements shall be included in the <br />costs determined in Subdivision 3 of this Section. <br /> <br />Minimum Escrow Requirements for Stage I Improvements. For City <br />awarded improvements, the owner or subdivider shall provide a financial <br />surety in a form acceptable to the City in a minimum amount equal to 20% <br />of the City Engineer's estimated cost of installing the Stage I Development <br />improvements_described in §9.50.50 Subd. 3b above. <br /> <br />For non-City awarded improvements, the owner or subdivider ,s. hall provide <br />a financial surety in a form acceptable to the City. equal to 125% of the total <br />cost of such improvements as estimated by the City Engineer, including the <br />billable estimated expense of the City for engineering, legal, fiscal, <br />administrative and other expenses incurred by the City in connection with <br />the making of such improvements. Upon total completion of Stage I <br />Improvements (including the removal of "temporary" erosion control <br />measures), acceptance by the City, supported by appropriate lien waivers, <br />the Subdivider may request a release of the financial guarantee, but only if <br />the maintenance guarantee required has been deposited. <br /> <br />There shall be a Development Agreement which shall provide that in the <br />event the required improvements are not completed within the specified <br />timeline, all amounts held in the Development Agreement may be drawn <br />upon by the City and applied by the City to the cost of completing the <br />required improvements. If the funds available within said escrow are not <br />sufficient to complete the required improvements, the necessary additional <br />cost to the City shall be assessed against the subdivision. Any balance <br /> <br />9.50 Subdivision Regulations <br /> <br />9-41 <br /> <br />August 2003 Draft <br /> <br />-329- <br /> <br /> <br />