Agenda - Economic Development Authority - 12/01/2003

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recording of the Master Final Plat, the pending special assessment described in tl-tis Section 7.6 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 more of the lots or outlots referenced on Exhibit F, the City must allocate the special assessment pending or levied against that lot or outlot among the lots or outlots created by such Final Plat. The Developer or a Secondary Developer, if applicable, must prepare and submit to the City, for its review, a proposed allocation of the pending or levied special assessments among the lots or 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 apphcable, a Secondary Developer's proposed allocation is done on a per square, foot basis. The City may accept or reject other proposed allocations in its sole and absolute discretion. If the cost of the City Phase I Roadway Improvements is greater than anticipated, the City reserves the right to levy an assessment in a geater amount or levy supplemental assessments pursuant to Minnesota Statutes, Section · 429.071, but the Developer has not, in any way, consented or agreed to an assessment in an amount greater than $87'6,035.00 or to supplemental assessments or waived any appeal with respect to an assessment in an amount greater than $876,035.00 or to supplemental assessments. 7.7 PREPAYMENT OF CITY PF~a, SE. I ROA_DWA¥ t/v~ROVEME. NTS SPECLkL ASSESSMENTS UPON S?~LE OR TR_~SFER_. Under Minnesota Statutes, Chapter 429, the City may cause the amounts assessed against the Subject Property to be payable in a single installment or Ln equal annual installments extending over a per/od not to exceed 30 years. The City will make the special assessment described in Section 7.6 payable in annual installments ex'~ending over 15 years in consideration for the Developer's agreement, subject to Section 16.6, to pay the entire, uncertified balance of the assessment levied pursuant to Section 7.6 against any lot or outlot (whether such lot or outlot is created in the Master Final Plat or is created as-a resutt of a subsequent subdivision of all or a portion of a lot or outlot created ha the Master Final Pint or a Final Plat for a Phase) upon the sale or other transfer (including, but not lira/ted to, the conveyance of equitable ownership pursuant to a contract for deed) of that lot or outlot. If the Developer conveys or otherwise transfers owners'h./p of a lot or outlot subject to the assessment desc~bed in Section 7.6 before the City levies the assessment, the Developer must, subject to Section 16.6, escrow the portion of the pending special assessment attributable to that lot or outlot with the City or with a title insurance company reasonably acceptable to the City to provide for the payment of the special assessment attadbutable to that lot or outlot when the City levies the special assessment, and the purchaser must, in the escrow agre~,zment, acknowledge and a~ee that it is subject to and bound by the consents and waivers described in Section 7.6. If the Developer elects to escrow the funds with a title insurance company, the City must be a party to the escrow agreemem. 7.8 CONDITIONS P1LECEDENT TO THE CITY'S CONSTRUCTION OF THE CITY PHASE It ROADWAY IMPROVEMENTS. The City is not obligated to issue the bonds described in.Section 7.11 or commence the construction of the City Phase II Roadway Lmprovements until: (a) the Developer has dedicated to the City all rights-of~way upon which the City Phase II Roadway Improvements are to be constructed;