Agenda - Economic Development Authority - 12/01/2003

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The City, may accept or reject other proposed allocations in its sole and absolute discretion. If the cost of the-CiD' Phase ii Roadway improvements is seater than amticipated, the Cit7 rese,wes the fight to }evy an assessment in a ~eater amount or iex~ 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 ~eater than $335,660.00 or to supplemental assessments or waived any appeal fi~ts with respect to aa assessment m an amount ~eater than $3_15,660.00 or to supplemental assessments. : 7.13 PP,_EPATME_NT OF CITY PEKSE H ROADWAY LYv~RO~MENTS: SPECL~,X ASSESSMENTS UPON S,~E OR T~NSFER. Under M~esota Statutes, Chapter 429, ~e CiD' may cause the ~o~ts ~sessed against the Subject Props~ to be payabl~ in a single ~stal~ent or aa equal ~uat instalment exten~ng over a period not to ~xcssd 30 ye~s. The Ci~ ~11 m~e the special assessment described m Section 7.12, payable ~ ~ual instalments extsnd~g over 15 years ~ consideration for th~ D~vetoper's age,merit subject to Section 16.6 to pay ~e entre, unce~ified balance of ~e ~sessment levied pursuant to Section 7.12 agai~ any lot or outlot (whe~er such lot or ontlot is created m the M~t~r Final Plat or is created ~ a result of a subsequent subdivision of ail or a portion of a lot or outlot created in ~e M~t~r F~al Plat or a Final Plat for a Ph~e) upon the sale or o~er Vaasfer (~cluding, but not ii,ted to, the convey~cs of equitable owners~p pursuit to a con~act for deed) of that tot or outtot. N ~e Developer conveys or othe~iss ~sfers o~ership of a lot or outlot subject to the assessment desc~bed ~ Section 7. !2 before the Ci~ levi~s ~e ~sessment, · e Developer must subject to Section 16.6 escrow the portion of the pend~g special ~sessment a~butabte to ~at lot or outlot with the Ciw or wi~ a titl~ ms~ce company r~onably acceptable to ~e Ci~ to provide for ~ pa~ent of the special assessment a~butable to that lot or outlot when th~ Ci~ le~fies the spssial assessmsnt~ and the purchaser must, m ~e ~scrow a~e~ment, ac~owIedge ~d a~e that it is subjec~ to ~d bound by'~e consents and waivers described m Section 7. i2 above, h~ Developer ~lscts to escrow the ~ds wi~ a titte insurance comply, the Ci~ must be a p~y to ~e escrow ,adlTICLE 8 CITY UT~ITY EvPROVEMENTS ,_ B=JG,. i IO~ TO CONSTRUCT CITY UTILITY IiVPRO'v~MENTS. 8.! C!TYO ? ~' N The Ci~ will cons,n-act r&e Ci~' Ut/liN Improvements pursuant to finis A~'xicle 8. 8.2 DESIGN OF CITY UTILITY EvPROVEMENTS. The City will forthwith desi~mn the City Utility Improvements. The Developer has submirted proposed desig-ns for the City, Utili~ improvements to the City, and the Ci~ will 'consider these proposed designs in the City's deskmn process. V~rnen the City completes its design process for each phase of the City Utility improvements and before the City; commences construct/on of that phase, the City will provide the Developer with copies of piano and specifications showing the CiU's desi~ for that phase and will info.tm the Developer that the plans represent the final desi~ plans upon which the Ci~/ntends to base its public bid specifications. The Developer shall have 10 days from the receipt of the CiE,o's 5nai des/~ plans to provide final cornmems to the City. 8,3 COk2v~.~NCEMENT )p,rD COMPLETION OF PHAS~ I CONSTRUCTION. Subiect to Force Majeure, the City is obligated to commence and complete Construction of the