Agenda - Parks and Recreation Commission - 06/11/1992

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.... Subdi'vi ori. Design Stan Assessment. Upon completion of the 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 full 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 Paragraphs 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 II improvements as described in §9.50.$0 Subd. 3c shall be constructed and installed by the developer in conformance with City Standards and per the schedule established by the Performance Contract required by §9.50.50 Subd. 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 Il 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. FHA and VA approval. The City will not participate in the payment of improvement costs as described in this Section unless and until the City has on file a certificate indicating that the proposed development has both FHA and VA approval. Requirements Waived. The City Council, in it's discretion, may waive the foregoing requirements of this section if all of the following conditions are met: 1. The owner or subdivider must reside on the property being developed and such property must have been classified for tax purposes as the owner or subdividers homestead. 2. The division of the property must include the entire property, meet the requirements of the Zoning Code for division of property and such division must be achieved by an approved and recordable plat. 3. The individual parcels resulting from such a plat shall be for single family residential use only and each such parcel shall be of such size, configuration and topographical quality as to be capable of accommodating a single family residential structure. 4. The individual parcels resulting from such a plat shall be no more than five in number, including any parcel retained by the owner or subdivider as his homestead.