Agenda - Council - 12/22/1992 - Laserfiche WebLink

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cost of completing the required improvements. If the funds available within said escrov, are not sufficient to complete the required improvements, the necessary additional cost to the City shall be assessed against the subdivision. An)' balance remaining in escrow' fund after such improvements have been made and all expenses therefore have been paid shall be returned to the subdivider. In instances where a letter of credit is used in lieu of a cash escrow, said letter of credit shall be in a form satisfactory to the City and the terms thereof shall substantially comply with the procedure as set forth for a cash escrow fund. f. Final Escrow Requirements For Stage I Improvements. The minimum escrow requirements described above are subject to increase based on the developer's financial status in relation to the project size. That is, the escrow requirements may vary with each developer depending on his credit worthiness. The final escrow amount, above the minimums described above, shall be determined by the City Council Each developer shalt be required to submit with his development application current audited financial statements. The City will then review and analyze the financial statements and then issue its opinion as to the financial strength of the developer in relation to the proposed project. The report will then be the basis for the City to determine what, if any, additional escrow over and above the minimum described in Paragraph c. above will be necessary before the project proceeds. The City may require access to the developer's records in order to test the accuracy of the developer's audited financial statements. Assessment. Upon completion of the City ordered Stage I improvements, the City shall cause to be specially assessed in the manner provided by Minnesota Statutes Chapter 429, 100% of the cost of said improvements. The assessments shall be levied against the benefitted lots in the Subdivision requiring payment in fuI1 over a period of five years, together with interest. At the time of the application for a certificate of occupancy for any structures built on a lot which benefit by the improvements, the owner of the lot shall pay to the City Finance Department the principal balance of such assessment remaining unpaid, together with accrued interest thereon. The escrow required in Para~aphs c. and d. above shall not be released even though the original subdivider or owner may have conveyed the subject property. The escrow amount may be reduced on a quarterly basis to an amount equal to the then outstanding balance of special assessments. Installation of Stage II Improvements. Stage It improvements as described in {}9.50.50 Subd. 3c shall be constructed and installed in conformance with City Standards and per the schedule established by the Performance Contract required 'by {}9.50.50 Sub& 7. Stage II Improvements Escrow, A cash escrow or letter of credit equal to 125% of the City Engineer s estimated cost of the Stage II improvements shall be deposited with the City Finance Department. This escrow shall be released only upon final approval and acceptance by the City of said improvements. I I I I I I I I I I I I I I I I I I I