Agenda - Economic Development Authority - 12/01/2003

Home

than seeding or sodding the boulevards pursuant to the preceding sentence, the City is not responsible for any landscaping associated with the City Phase lI Roadway Improvements. 7.11 CITY PH_ASE !I ROADWAY IMPROVEMENTS FINANCING. The City will issue general obligation improvement bonds pursuant to Minnesota Statutes, Chapter 429 to £mance the City Phase E Roadway Improvements. The City will pay 80% of the cost of the City Phase 17 Roadway Improvements (including the cost of the street signs and groundcover establiskment 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 17 Roadway Improvements (including the costs of the street signs and goundcover establishment described in Section 7.10) against the Subject Property, m the percentages set forth on ExJ~bit 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 ?. 11 plus basis points. 7.12 ASSESSMENT AGREEMENT FOR CITY PH~KSE. ~I 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 17 Roadway Improvements against the Subject Property. The City currently estimates that the~ City Phase I7 Roadway Improvements will cost $1,678,000.00. The Developer hereby consents to an assessment by the City in an arnotmt 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 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 thereof, does not receive a benefit from 'the City Phase II Roadway Improvements, claims that the assessment is not uniform upon the same classes of property and claims-that the amount of the special assessment allocated to any lot or parcel pursuant to Exlxibit F exceeds the benefit to such lot or parcel. Developer also waives any appeal rights otherwise available pursuant to Minnesota Statutes, Section 429.081 and any ri~?__hts 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 mn 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 17 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 recording 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 mann'er set forth on the attached Exhibit F. J_f 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 and 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' assessment among the lots and outiots created by such Final Plat. The City must adopt the Develooer'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. ]ff$730v13