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I <br /> I <br />I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br /> the particular improvements w'ithin the particular Subdivision <br /> provided, however, that the deposits for Stage II improvements may <br /> be merged into a single fund. Interest earned on the investment of <br /> those funds shall accrue and be added to the appropriate fund. <br /> However, in no case shall the interest on an3, escrow be returned to <br /> the developer. <br /> <br />Subd. 4. City participation, residential developments. <br />b.. Certain Improvements. The owner or subdivider engaged in the <br /> development of lands which are zoned Residential Districts may <br /> request City participation in the payment of the costs of the installation <br /> of sanitary sewer, water system, street, park, trail, street lights, curb <br /> and gutter and storm sewer improvements required by this section <br /> and, in such event, such owner or subdivider shall comply with the <br /> requirements of this section. City participation shall be as determined <br /> by the City Council pursuant to a performance contract. The Council <br /> shall, on a case by case basis, determine infrastructure impact on areas <br /> outside the subdivision. City required oversizing of infrastructure <br /> beyond the appropriate standard residential or commercial equivalent <br /> shall be eligible for funding by the City. Source of City funding shall <br /> not be a determinate of financial participation. <br /> <br /> Installation by City. All Stage I improvements shall be planned, <br /> designed, inspected and/or approved by the City Engineer. The <br /> administrative charges of the City in connection with such <br /> improvements shall be included in the costs determined in Subdivision <br /> 3 of this section. <br /> <br />Minimum Escrow Requirements for Stage I Improvements. <br />For City awarded improvements, the owner or subdivider shall make <br />a cash deposit with the City Finance Department in a minimum amount <br />equal to 15% of the City Engineer's estimated cost of installing the <br />Stage I Development improvements described in {}9.50.50 Subd. 3b <br />above. In lieu of this cash deposit, the owner or subdivider may file a <br />letter of credit approved by the City in a minimum amount equal to <br />20% of the City Engineer's estimated cost of the Stage I Development <br />improvements. The decision on whether a cash escrow or letter of <br />credit will be used for this escrow requirement will be made by the <br />City Council on a case by case basis. <br /> <br />For non-City awarded improvements, the owner or subdivider shall <br />deposit with the City Finance Department a cash amount or letter of <br />credit equal to 125% of the total cost of such improvements as <br />estimated by the City Engineer, including the billable estimated <br />expense of the City for engineering, legal, fiscal, administrative and <br />other expenses incurred by the City in connection with the making of <br />such improvements. On a monthly basis as the project progresses, the <br />City Engineer shall estimate the amount of work completed and <br />recommend to the City council the amount of funds to be released to <br />the subdivider. <br /> <br />There shall be an escrow agreement which shall provide that in the <br />event the required improvements are not completed within one year, <br />all amounts held under the escrow a~eement shall be automatically <br />turned over and delivered to the City and applied by the City to the <br /> <br /> <br />