Agenda - Council Work Session - 10/14/2014

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feasibility report or as established by the City Engineer. SECURITY REQUIREMENT (1O5%); Saki ;ash escrow, including accrued interest thereon, or letter of credit, may be a .ed by the City upon default by Developer in the payment of specia) assessments pursuant. hereto, whether accelerated or otherwise. That such' cash escrow orletter of credit shall remain in full force and effect throughout the t6rm of the special assessments, except, the amount of such escrow or fetter of credit may be reduced, upon the request of the Developer in writing, at th3 City's option, but in no event shall be less than the total of the outstanding special - assessments against all properties within the Subuiision. The entire cost of the installation of such improvements, including any reasonable engineering, regal and administrative costs incur-ed by fhe City, shall be assessed against the benefited properties Within the Subdivision in eight (8) equal annual installments with interest on the enpaid installments at a rate not to exceed the maximum allowed by law. All s;aecial assessments levied hereto shall be payable to the City Clerk in semi-annual installments commencing on April 15 of the year after the levy of such assessment and on each September 15 and April 15 thereafter until the 6nfire balance plus accrued interest is paid in full unless paid earlier purs'.tant to Paragraph A.7.0 herein. In the event any payment is not made on the dates set out herein, the Citymay exercise its rights .pursuant to Paragraph A.7.d hereof. The Developer waives any .and all procedural and substantive objections to the installation of the public improvements and the special assessments, including but not limited to hearing requirements and any claim that the assessments exceed the benefit to the property. In the evert the total of all City Installed improvements is less than originally estimated by the City Engineer itn'his feasibility. report, Developer waives all rights they have by virtue of Minnesota Statute 429.081 or otherwise to chat enge the amount or validity of amounts, or the procedure used by the Gity in levying the assessments and hereby releases the City, its officers, agents, and employees from any and all liability related to or arising out of the i avy of the assessments. c. Required Payments of Special Assessments bV Developer. Developer, its h errs, successors or assigns hereby agrees that within thirty (30) days after the issuance of a certificate of occupancy for a residence on a tot toca:ed within the Subdivision which is assessed for the cost of such imppavements, the Developer, its heirs, successors or assigns, agrees, at its own . cost and expense, to pay the entire unpaid improvement costs assessed or to be assessed under this agreement against such property. If a certificate of occupancy is issued before the special assessments have !peel levied, the Developer, its heirs,' successors or assigns shall pay the Gity the sum, of cash equal to the 'Engineer's estimate of the special assessments for such improvements that, would be levied against the property.' Ltpon such payment the City shallissue a certificate showing the -7-