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Sulxtivi~ on - Design Standards
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<br /> the particular improvements within 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 any escrow be returned to
<br /> the developer.
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<br />Subd. 4. City participation, residential developments.
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<br />a. 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, su'eet, pnrk, trnil, stree!
<br /> Ii g h ! s;, curb and gutter and storm sewer improvements required by
<br /> this section and, in such event, such owner or subdivider shall comply
<br /> with the requirements of this section.
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<br /> Installation by City. All Stage I improvements shall be planned
<br /> and designed by the City Engineer and shall be installed by the City.
<br /> The administrative charges of the City--~mgqneer in connection with
<br /> such improvements shall be included in the costs determined in
<br /> Subdivision 3 of this section.
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<br /> Minimum Escrow Requirements for Stage I Improvements.
<br /> The owner or subdivider shall make a cash deposit with the City
<br /> Finance Department in a minimum amount equal to 15% of the City
<br /> Engineer's estimated cost of installing the Stage I Development
<br /> improvements described in {}9.50.50 Subd. 3b above. In lieu of this
<br /> cash deposit, the owner or subdivider may file a letter of credit
<br /> approved by the City in a minimum amount equal to 20% of the City
<br /> Engineer's estimated cost of the Stage I Development improvements.
<br /> The decision on whether a cash escrow or letter of credit will be used
<br /> for this escrow requirement will be made by the City Council on a
<br /> case by case basis.
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<br /> Final Escrow Requirements For Stage I Improvements.
<br /> The minimum escrow requirements described above are subject to
<br /> increase based on the developer's financial status in relation to the
<br /> project size. That is, the escrow requirements may vary with each
<br /> developer depending on his credit worthiness. The final escrow
<br /> amount, above the minimums described above, shall be determined by
<br /> the City Council in ----: .... ': ..... :,k
<br /> ,~ ...... ,...0 fr,>, ~ Each developer shall be required to submit with
<br /> his development application current audited financial statements. The
<br /> City will then....a :"'"",.... .,~.:*° ..rv,.A ,..... review and analyze the financial
<br /> statements and then issue its ,,e...~:.., , .~**...
<br /> *&c IPA's opinion as to the financial su-ength of the developer in
<br /> relation to the proposed project. Thc ,,e...~..:,.,~v,.,..... --,.-~--.' '~**'~' r~..,~v,.., .... ,,,. will
<br /> then be the basis for the City to determine what, if an),, additional
<br /> escrow over and above the minimum described in Paragraph c. above
<br /> will be necessary before the project proceeds. The -I-P-A ma3, require
<br /> access to the developer's records in order to test the accuracy of the
<br /> developer's audited financial statements.
<br /> ! A ''rig final
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