Agenda - Council Work Session - 09/02/2003

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[DRAFTI a~essments and subjectSu~iect to Section 7.137.15 below, Developer ...... a~ees to pay the installments of special assessments ce~ified for payment with a~ual real estate taxes when and as they become due. If a subsequent Final Plat for a Phase subdivides one or more of the Ci~ Phase II Roadway Improvements Assessment Parcels, the City must allocate the 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. ~e Ci~ must adopt the DeveloperP=s proposed allocation if the Developeg~s proposed allocmion is reasonable in light of the benefit each parcel Mll receive from the Ci~ Phase II Roadway ~provements.~ p ........ to ....... , i ~ ...... e~. ha; not n ar6 ..~z, 7.13 PREPAYMENT OF CITY PHASE II ROADWAY IMPROVEMENTS; 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 an equal annual installment extending over a period not to exceed 30 years. The City will make the assessments described in Section 7.12 above,.payable in equal annual installments extending over 15 years in consideration for the Developer's agreement to pay the entire, uncertified balance of the assessment levied pursuant to Section 7.12 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 of a subsequent subdivision of all or a portion of a 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 lot 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. ARTICLE 8 CITY UTILITY IMPROVEMENTS 8.1 CITY OBLIGATION TO CONSTRUCT CITY UTILITY IMPROVEMENTS. The City will construct the City Utility Improvements pursuant to this Article 8. 8.2 DESIGN OF CITY UTILITY IMPROVEMENTS. The City will forthwith design the City Utility Improvements. The Developer has submitted proposed designs for the City Utility Improvements to the City, and the City will consider these proposed designs in the City's design process. When the City completes its design process for each phase of the City Utility Improvements and before the City commences construction of that phase, the City will