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[DRAFTI <br /> <br />.......... : ................. ; .... v ............ attnbutabl to that lot or parcel with the City or <br />with a title insurance company reasonably acceptable to the City to provide for the <br />payment of the special assessment attributable to that lot or parcel when the CiW levies the <br />special assessment. <br /> <br /> ARTICLE 8 <br />CITY UTILITY IMPROVEMENTS <br /> <br />8.1 CITY OBLIGATION TO CONSTRUCT CITY UTILITY IMPROVEMENTS. <br /> <br />The City will construct the City Utility Improvements pursuant to this Article 8. <br /> <br /> 8.2 DESIGN OF CITY UTILITY IMPROVEMENTS. The City will forthwith <br />design the City Utility hnprovements. The Developer has submitted proposed designs for the <br />City Utility Improvements to the City, and the City will consider these proposed designs in the <br />City's desig-n process. V~rhen the City completes its design process for each phase of the City <br />Utility Improvements and before the City cormnences construction of that phase, the City will <br />provide the Developer with copies of plans and specifications showing the City's desig-n for that <br />phase and will inform the Developer that the plans represent the final design plans upon which <br />the City intends to base its public bid specifications. The Developer shall have ] 0 days from the <br />receipt of the City's final design plans, to provide final comments to the City. <br /> <br />8.~ '&-A~. COMMENCEMENT AND COMPLETION OF PHASE I CONSTRUCTION. <br /> <br />The City is obligated to commence and complete construction of the City Phase t Utility <br />Improvements on the same dates that the City is obligated to commence and substantially <br />complete construction of the City Phase ] Roadway Improvements pm'suant to Section -7,47.3 <br />above. The City Utility Improvements will be public improvements, and the City will maintain <br />the City Utility Improvements as public improvements. <br /> <br /> 8.4 8.5 FINANCING OF CITY PHASE l UTILITY IMPROVEMENTS. The City <br />will issue general obligation revenue bonds pursuant to Minnesota Statutes, Chapter 444, to <br />finance the City Phase I Utility improvements. The City wilt repay the bonds from revenues the <br />City's storm sewer, sanitmT sewer and water system's generate (hook-up fees and rates and <br />charges'). For a period of three years after the date hereof, the City will-not lexg, special <br />assessments against the Su~ect Property to finance the cost of the 'City Phase I Utility <br />Improvements. Thereafter, the City may lex? special assessments against the Subject Property to <br />finance the cost of the City Phase I Utility Improvements, but only to the extent necessa~5, to <br />cover shortfalls in the revenues received by the City from hook up fees and rates and charges <br />from the Subject PropelXy to cover debt ser",,ice on the bonds issued to finance the Phase I Utility <br />Improvements. The attached [Exhibit44 t sets forth the City's projections of hook up Fees and <br />rates and charges anticipated fi'om the Subject Property. <br /> <br />1555730.red <br />V8 tp V6; <br />8/29/03 <br /> <br />26 <br /> <br /> <br />