Agenda - Council Work Session - 09/02/2003

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[DRAFT] co, costs of $ [the City Phase I Roadway Improvements against the ~P-mjeetCity Phase.I Roadway Improvements Assessment Parcels (allocated among those parcels pursuant to the percentages set forth on Exhibit__l), pursuant to Minnesota Statutes, Chapter Charier,,~,~--a +~.,~ r-a,,~ r~;,_,.,~..,,,~,~o ...... 4'>o~,~ and waives any and all procedural and substantive objections to a special assessment in that amount, including, but not limited to, notice and hearing requirements and a claim that the amount of the special assessment exceeds the benefit to the ~iW Phase ! Roadway ~provements Assessment Parcels. Developer also waives any appeal rights othe~ise available pursuant to ~esom Statutes, Section 429,981 and any ~vies *~..~ ..... ov~.~;°' ~o~oo..~.~o+~ ~,~ subj ectSubject, to Section 7.77.8~ below, Developer ~a~ees t~ pay the installments of special assessments ce~ified for payment with a~ual real estate rexes when and as they become due. If a subsequent Final Plat for a Phase subdivides one or more of the CiB' Phase I Roadway ~provements Assessment Parcels, the Ci~ must allocate ~e special assessments pending or levied against that parcel among the lots created by such Final Plat. The Developer must prepare and submit to the Ci~, for its review, a proposed allocation of the pending or levied special assessments among the lots created by such Final Plat. The City must adopt the Developer~}s proposed allocation if the Devetoper~}s proposed allocation is reasonable in light of the benefit each parcel will receive from the Ci~ Phase I Roadway Improvements.~ 7.7 PREPAYMENT OF CITY PHASE I ROADWAY IMPROVENiENTS SPECIAL ASSESSMENTS UPON SALE OR TRANSFER. Under Minnesota Statutes, Chapter 429, the City may cause the amounts assessed against the Project Assessment Parcels to be payable in a single installment or in equal annual installments extending over a period not to exceed 30 years. The City. will make the assessments described in Section 7.6 above payable in equal annual installments extending over t5 years in consideration for the Developer's agreement'to pay the entire, uncertified balance of the assessment levied pursuant to Section 7.6 above against any lot or parcel which is a part of the Project Assessment Parcels (whether such lot or parcel currently exists or is created as a result ora subsequent subdivision of ail or a portion ora Project Assessment Parcel) upon the sale or other transfer (including but not limited to, conveyance of equitable ownership pursuant to a contract for deed) of that lot or parcel. If the Developer conveys or otherwise transfers ownership of a tot or parcel subject to the assessments described in Section 7.6 above before the City levies the assessment the Developer must escrow % of the portion of the pending special assessment attributable to that lot or parcel with the City or with a title insurance company reasonably acceptable to the City to provide for the payment of the special assessment attributable to that lot or parcel when the City levies the special assessment. 7,8 CONDITIONS PRECEDENT TO THE CITY'S CONSTRUCTION OF THE CITY PHASE II ROADWAY IMPROVEMENTS. The City is not obligated to issue the bonds