Agenda - Council - 03/12/1996 - Laserfiche WebLink

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:1 I I I I I i I I I I I I I I I I I o Certificates of Occupancy will be issued without prior payment of all outstanding special assessments against any such lot (b) The DEVELOPER agrees to notify the CITY of all sales of lots within the Plat. (c) The DEVELOPER and the CITY agree that the costs described above pertaining to the improvements shall be assessed against the benefitted property on a five (5) year term for residential lots pursuant to City Code and that the financial guarantee, described in paragraph 8 below, will be in force and effect until all such special assessments are paid and all other obligations of DEVELOPER under this Agreement are satisfied. The assessment and the specific terms of the assessment shall be pursuant to the terms of the "Fox Knoll Special Assessment Agreement", attached hereto as Exhibit "A" and incorporated herein by reference. The financial guarantee described in paragraph 9 may be applied by the CITY to any of the obligations set forth in this Agreement in the absolute and sole discretion of the City Council. The CITY may pursue any other remedy for enforcement of such obligations or collection for the costs incurred by the CITY in connection therewith, and is under no obligation to apply the financial guarantee to any one or number of obligations as long as the CITY determines that there is a reasonable b~sis for believing that thc dollars remaining in the financial guarantee may be needed to assure compliance with other remaining obligations of the DEVELOPER. Devel0o¢r'~ Financial Guarantee, The DEVELOPER agrees and understands that he CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to the approval of the plans and specifications and approval of a final plat, to prescribe requirements and the extent to which, and the manner in which the streets be graded or improved, and the water, sewer, and other utility mains, piping, or other facilities shall be installed and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual construction and installation of the required Stage I Improvements and all other obligations of DEVELOPER provided for herein within a per/od specified by th& City Council. Said financial guarantee shall provide that the CITY possess the statutory power to enforce such financial guarantee by all appropriate and legal remedies. The DEVELOPER shall deposit with the CITY, cash in an amount equal to fifteen percent (15%) of the total cost of the project. In lieu of this cash deposit, the DEVELOPER .may file an irrevocable Letter