Agenda - Council - 08/12/2003 - Laserfiche WebLink

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-420- There shall be a Development Agreement which shall provide that in the event the required 'improvements are not completed within the specified timeline, all amounts held in the Development Agreement may be drawn upon by the City and applied by the City to the cost of completing the required improvements. If the funds available within said escrc ........... sufficient to complete the required improvements, the necessary cost to the City shall be assessed against the subdivision. Any balance remaining in the escrow fund after such improvements have been made and all expenses therefore have been paid shall be retulTted to the subdivider. Final Escrow Requirements For Stage I Improvements. The minimum escrow requirements described above are subject to increase based on the developer's financial status in relation to the project size. That is, the escrow requirements may vary with each developer depending on his credit worthiness. The final escrow amount, above th~ minimums described above, shall be determined by the Council Each developer may be required to submit with his development application current audited financial statements. The City will then review and analyze the financial statements and then issue its opinion as to the financial strength of the developer in relation to the proposed project. The report will then be the basis for the City to determine what, if any, additional escrow over and above the minimum described in Paragraph c. above will be necessary before the project proceeds. The City may require access to the developer's.records in order to test the accuracy of the developer's audited financial statements. Assessment. In the event the Developer opts for the City to construct the Stage I improvements and upon completion of the City ordered Stage I improvements, the City shall cause to be specially assessed in the manner provided by Minnesota Statutes Chapter 429, 100% of the cost of said improvements. The assessments shall be levied against the benefited lots .in the Subdivision requiring payment in full over a period of five years, or as determined by the City Council, together with interest. At the time of the application for a certificate of occupancy for any structures built on a lot which benefit by the improvements, the owner of the lot shall pay to the City Finance Department the principal balance of such assessment remaining unpaid, together with accrued interest thereon. The escrow required in Paragraphs c. and d. above shall not be released even though the original subdivider or owner may have conveyed the subject property. The escrow amount may be reduced on a quarterly basis to an amount equal to the then outstanding balance of special assessments. Stage II Improvements Escrow. A cash deposit equal to 125% of the City Engineer's estimated cost of the Stage II improvements shall be deposited with the City Finance Department. 9.50 Subdivision Regulations 9-42 March 2003 Draft I I ! I I I I I I I I ! ! I: I' I I