Agenda - Council - 05/14/1991 - Laserfiche WebLink

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! I I I I I I I I I I I I I I I I I I DEVELOPMENT AGREEMENT - CHESTNUT HILLS Special Trunk Assessment will be calculated on a per lot basis, assuming 266 lots to be created within the TIF District and 100 lots within the Subject Property. (ii) Costs of all other Public Improvements will be specially assessed on a per lot basis against the 14 residential lots in the Plat, which represents Phase 1 of the Phasing Plan as defined in Article VI herein. (b) The Developer will reimburse the City for all costs described above pertaining to Public Improvements within five (5) years from the date of the levy of the special assessments for said Public Improvements, or proportionately when a Certificate of Occupancy is issued for each buildable lot, whichever occurs first. (c) The Developer agrees to notify the City of all sales of lots within the Plat. The Developer further guarantees that it will notify all lending institutions or persons involved in the sale of the individual or lots within the Plat of this requirement prior to the issuance of a Certificate of Occupancy by the City. (d) The Developer and the City agree that the costs described above pertaining to the Public Improvements shall be assessed against the benefited property on a five (5) year term, pursuant to City Code and that the letter of credit described in paragraph 8 herein will be in force and effect during said five (5) year term. The actual assessment amount and the specific terms of the assessment shall be pursuant to the terms of the Assessment Agreement attached hereto as Schedule A, which the parties shall execute upon approval by the City of the final Plat. This provision is made pursuant to Section 170.039S of the City Code. (e) The Developer waives its right granted under the City's Improvement Code and City Charter with relation to hearing Petitions and Appeal of the Special Assessments to be levied against the lots in the Subject Property pursuant to this Agreement. 8. Developer's FinanciaJ Guaranty. The Developer agrees and understands that the City has the right, privi.lege and authority pursuant to Pfi.nnesota Statutes Chapter 462.358 and as amended as a condition precedent to ~e 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 be installed, and that the Developer shall provide a financial guaranty to the City to provide for the actual construction and installation of all Stage I Improvements within a period specified by the City Council. Said financial guaranty shall provide that the City possess the statutory power to enforce such financial guaranty by all appropriate and legal remedies. The financial guaranty shall be in the form of a letter of credit as follows: The