Agenda - Council - 11/10/1992 - Laserfiche WebLink

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I I I I I i I I I I I I I I I I pert~ini~ m mtprovemcnts by special assessments to be levied against the Su~jec~ Property payable over ~ivc (5) ye~s. These assessments will consist of smnd~d sewer aad wa~cr trunk and special sewer and wa~er ~unk assessments and park and nail over~ead. However, special assessments against each tot m ~he Subject Property must be paid in full upon occurre,ce of any of the following w~th respect to each such individual lot: Prior ~o transfer of title, prior to issuance of an occupancy pe~it, or upon filing of any liens, whichever occu~ first. No Certificates of Occupancy will be issued Without prior payment of ail outstanding speci~ assessments ag~nst any such lot. (b) The DEYELOPER agrees to notify the CITY of all sales of lots within the Plat. The DEVELOPER and the CITY agree that the costs described above pertaining to the improvements shall be assessed against the benefitted property on a five (5) >,ear term, pursuant to Cit.',, Code and that the financial guarantee, described in para~aph 6 below, Will be in force and effect until all such special assessments are pa.id and all other obligations of DEVELOPER under this Agreement are satisfied. The assessmlent and the specific terms of the assessment shall be pursuant to the terms of the "Ch&stnut Hill 3rd Addition Assessment A~eement", attached hereto as Exhibit "A" and incomorated herein by reference. The financial guarantee descried in paragraph 6 may be gpplied by the CITY to any of the obligations set forth in this Aero-cement in the absolute and sole discretion of the City Council. The CITY may pursue an.,,, other remedy .for enforcement of such obligations or collection for the costs incurred by the cITY in connection therewith, and is under no obligation to apply the financial ~ _ a~t.rrmn~s mat ~uarantee to any one or number of obii_=afions as long as rne CITY ',~ ,- ' ,:' there is:a reasonable basis for believing ~ar the dollm~s remaining in the financial gumntee may be ne~."i:e,d re assure comr~iiance with other remaining obligations of the DEVEL, OPER. Deveto. per',$ Financial Guarantee. The DEVELOPER-__.~,'e'"s. and understands that the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chaoter , ' .. ,n,. plans and 462.35[ an~d as amended as a condition r~recedent to the a~r~rovai of · . . r,.om. ~m,..nts sr)ecffieauo~ns and approvai of a final ~iat. to r~rescribe * ',-~' ,- and the extent to which., andi the manner in which the streets be ~aded or /mr>roved. and that the DEVELOPER snot! ~roviae a finanzia! guarantee to the CITY to ~rovide for the aztual zons.'z-.uz:ioE 'and.,.s._._.,~..;,, "~:;"'4',' of '"~ '-'~mo1,'',~''~' ~.-_~q*'~¢'~ ! .... ,- ~.,,,r,.- s.zmm:-v sewer.