Agenda - Council Work Session - 09/02/2003

Home

[DRAFT] provide the Developer with copies of plans and specifications showing the City's design for that phase and will inform the Developer thai the plans represent the final design plans upon which the City intends to base its pubhc bid specifications. The Developer shall have 10 days from the receipt of the City's final design plans to provide final comments to the City. 8.3 COMMENCEMENT AND COMPLETION OF PHASE I CONSTRUCTION. The City is obligated to commence and complete construction of the City Phase I Utility Improvements on the same dates that the City is obligated to commence and substantially complete construction of the City Phase I Roadway Improvements pursuant to Section 7.3 above. The City Utility hrtprovements will be public improvements, and the City will maintain the City Utility Improvements as public improvements. 8.4 FINANCING OF CITY PHASE I UTILITY IMPROVEMENTS. The City will issue general obligation revenue bonds pursuant to Minnesota Statutes, Chapter 444, to finance the City Phase I Utility Improvements. The City will repay the bonds from revenues the City's storm sewer, sanitary sewer and water system's generate (hook-up fees and rates and charges). For a period of three years after the date hereof, the City will not levy special assessments against the Subject Property' to finance the cost of the City Phase I Utility Improvements. Thereafter, the City may levy special assessments against the Subject Property to finance the cost of the City Phase I Utility Improvements, but only to the extent necessary to cover shortfalls in the revenues received by the City from hook up fees and rates and charges from the Subject Property to cover debt service on the bonds issued to finance the Phase I Utility Improvements. The attached [Exh/bit ] sets forth the City's projections of hook up fees and rates and charges anticipated from the Subject Property.. 8.5 CONDITIONS PRECEDENT TO CITY'S CONSTRUCTION OF CITY PHASE II UTILITY IMPROVEMENTS. The City is not obligated to commence construction of the Cily Phase II Utility h~aprovements until the conditions precedent described in Section 7.8 above are satisfied. 8.6 COMMENCEMENT AND COMPLETION OF PHASE II CONSTRUCTION. The City is obligated to commence and complete construction of the City Phase II Utility Improvements on the same dates that the City is obligated to commence and substantially complete construction of the City Phase II Roadway Improvements pursuant to Sections 7.8 and 7.9 above. The City UtitiB, Improvements will be public improvements, and the City will maintain the City Ut/lit), Improvements as public improvements. 8.7 FINANCING OF CITY PHASE II UTILITY IMPROVEMENTS. The City will issue general obligation revenue bonds pursuant to Mirmesota Statutes, Chapter 444, to finance the City Phase II Utility Improvements. The City will repay the bonds from revenues the City's storm sewer, sanitary sewer and water system's generate (hook-up fees and rates and charges). For a period of three years after the date hereof, the City will not levy special assessments against the Subject Property to finance the cost of the City Phase II Utility Improvements. Thereafter, the City may lex3, special assessments against the Subject Property to finance the cost of the City' Phase II Utility Improvements, but only to the extent necessary to cover shortfalls in the revenues received by the City from hook up fees and rates and charges from the Subject Property to cover debt service on the bonds issued to finance the Phase II Utility Improvements.