Agenda - Council - 11/12/2013 - Laserfiche WebLink

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than seeding or sodding the boulevards pursuant to the preceding sentence, the City is not iesponsible for any landscaping associated with the City Phase II Roadway Improvements 7 11 CITY PHASE II ROADWAY IMPROVEMENTS FINANCING The City will issue general obligation improvement bonds pursuant to Minnesota Statutes, Chapter 429 to finance the City Phase II Roadway Improvements The City will pay 80% of the cost of the City Phase II Roadway Improvements (including the cost of the street signs and groundcover establishment described in Section 7 10) from the City's capital project fund and will specially assess 20% of the cost of the City's Phase II Roadway Improvements (including the costs of the street signs and groundcover establishment descnbed in Section 7 10) against the Subject Property in the percentages set forth on Exhibit F The Levied special assessments will be payable in installments over a term of 15 years with interest at a rate equal to the rate the City is obligated to pay the general obligation improvement bonds referenced in this Section 7 11 plus 5 basis points 7 12 ASSESSMENT AGREEMENT FOR CITY PHASE II ROADWAY IMPROVEMENTS Minnesota Statutes, Chapter 429, the City's Charter and the City's Ordinances authorize the City to assess the cost of the City Phase II Roadway Improvements against the Subject Property The City currently estimates that the City Phase II Roadway Improvements will cost $1,678,000 00 The Developer hereby consents to an assessment by the City in an amount equal to $335,660 00 against the Subject Property (to be allocated among the lots and outlots the Mater Final Plat creates pursuant to the percentages set forth on Exhibit F), pursuant to Minnesota Statutes Chapter 429, the City Charter and the City Ordinances and waives any and all procedural and substantive objections to a special assessment in that amount, including, but not limited to, notice and hearing requirements, claims that the Subject Property, or any part theieof, does not receive a benefit from the City Phase II Roadway Improvements, claims that the assessment is not unifoini upon the same classes of property and claims that the amount of the special assessment allocated to any lot or parcel puisuant to Exhibit F exceeds the benefit to such lot or parcel Developer also waives any appeal nghts otherwise available pursuant to Minnesota Statutes, Section 429 081 and any nghts available under the City Charter or the City Ordinances As set forth in Section 16 4, the consents and waivers set forth in this Section 7 12 run with title to the Subject Property and are binding on the Developer and its successors and assigns The City does not intend to levy the special assessment until the City completes the City Phase II Roadway Improvements Until the City levies the special assessment, the special assessment constitutes a pending special assessment Once the City levies the special assessment and subject to Section 7 13 below, Developer must pay the installments of special assessment certified for payment with annual real estate taxes when and as they become due Upon a recoiding of the Master Final Plat, the pending special assessment described in this Section 7 12 is allocated among the lots and outlots the Master Final Plat creates in the manner set forth on the attached Exhibit F If a subsequent Final Plat for a Phase subdivides one or mote of the lots of outlots referenced on Exhibit F, the City must allocate the special assessment pending or levied against that lot or outlot among the lots and outlots created by such Final Plat The Developer of a Secondary Developer, if applicable, must prepare and submit to the City, for its review, a proposed allocation of the pending or levied special assessment among the lots and outlots created by such Final Plat The City must adopt the Developer's or, if applicable, a Secondary Developer's proposed allocation if the Developer's or, if applicable, a Secondary Developer's proposed allocation is done on a per square foot basis 1555730v13 23