Agenda - Economic Development Authority - 12/01/2003

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following calendar year. Upon completion of the City's Phase I Roadway Improvements, the City Phase l Roadway improvements will constitute public streets and will be maintained by the City as public streets. 7.4 ST~ET SIGNS .~ND GROL.%"DCO*q:_,R EST.KBLtSI-L-M. ENT. The City's obligation to construct the City Phase I Roadway Improvements includes the obligation to install all street identification signs and traffic control sig-r,,s and signals required under the terms Of the RTC Controls or required by any Other Regulatory Agency to serve the City Phase I Roadway Improvements. The City must also, as a part of the cost of construction the Phase I Roadway Improvements, seed or sod the boulevards adjacent to the City's Phase I Roadw~ay Improvements pursuant to the requirements set for+=h in the'Master Development Plan. Other than seeding or sodding the boulevards puzsuant to the preceding sentence, the City is not responsible f,or any landscaping associated with the City Phase I Roadway Improvements. 7.5 CITY PHASE I RO~DWAY/MPROVEMENTS FLNANCIN'G. The City will issue general obligation improvement bonds pursuant to Minnesota Statutes, Chapter 429 to finance the CiryPhase t Roadway Improvements. The City will pay 80% of'the cost of'the City Phase I Roadway Improvements (including the cost of the street signs and ~oundcover establishment described in Section 7.4) from the Ci~s capital project fund and ~fill specially assess 20% of the costs of the City Phase I Roadway Improvements (including the cost of the street signs and goundcover establishment described in Section 7.4) against the Subject Property ha the percentages set forth on Exh/bit F. The levied special assessments will be payable in installments over a term of t 5 years wi~ interest at a rate equal to the rate the City. is obligated to pay the general obligation improvement bonds ref,erenced in this Section 7.5 plus 5 basis po/ms. 7.6 ASSESSMENT AGP,.EEMENT FOR CITY PIOkSE I ROA2DWAY ]2vgPR:OVE~NTS. Minnesota Statutes Chapter 429, the Citb/'s Charter and the CiV's Ordinances au+..ho~ze the City to assess the cost of the City, Phase I Roadway Improvements against the Subject Propemy. The City currently estimates that the City, Phase I Roadway Lmprovements will cost $4,380,!75.00. 'Fne Developer hereby consents to an assessment by The Ci%' in an amount equal to $876,035.00 ag~nst the Subject Prope~wy (to be allocated among lots and outlots in the Master 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 ~,mnec~ to, notice and heanng requirements, claims that the Subject Property, or any part thereof, does not receive a benefit from the City Phase I Roadway Improvements, claims that the assessment is not un/form upon the same classes of prope~y and claims that the amount of the special assessment allocated to any lot or outiot pursuant to Exhibit F exceeds the benefit to such lot or outlot. Developer also waives any appeal fights other~vise available pursuant to Minnesota Statutes, Section 429.081 and any fi~ts available under the City Charier or the City.. Ordinances. As set fo~h in Section 16.4, the consents and waivers set forth in this Section 7.6 run with title to the Subject Prope~y and are binding on the Developer and its successors and assi~s. The Civ does not intend to levy the. special assessment until the City completes the City Phase I Roadway Improvements. Until the City. levies the special assessment, the ssecjai assessment constitutes a pending special assessment. Once the CiD' levies the special assessment and subject to Section 7.7, Developer must pay the installments of special assessment cexi~ied for payment with annual real estate taxes when and as they become due. Upon the