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Subdivision - Design Standards <br /> <br />§ 9.50.30 <br /> <br />d. Escrow of Required Deposits. Alt sums deposited with the City <br /> in accordance with this section shall be kept in separate funds which <br /> funds shall be encumbered and earmarked for the later construction of <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. <br /> <br />Subd. 4. City participation, residential developments. <br /> <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, street, park, trail, street <br /> ii § h t $, 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. City participation <br /> shall be as determined by the City Council <br /> pursuant to a performance contract. The <br /> Council shall, on a case by case basis, <br /> determine infrastructure impact on areas <br /> <br />Co <br /> <br />outside the subdivision. City required <br />oversizing of infrastructure beyond the <br />appropriate standard residential or <br />commercial equivalent shall be eligible for <br />funding by the City. Source of City funding <br />shall not be a determinate of financial <br />participation. <br /> <br />Installation by City. All Stage I improvements shall be planned, <br />0a~d designed, inspected and/or approved by the City <br /> gi ""~ ~ <br />En neer ........... be.; .... ~4 ,.., ,~.~ r,;,, The administrative <br />ch~ges of the City~..s...~.r" ": .... in connection wi~ such improvements <br />shall be included in the costs dete~ined in Subdivision 3 of this <br />section. <br /> <br />Minimum Escrow Requirements for Stage I Improvements. <br />For City awarded improvements, ~the owner or <br />subdivider shall make a cash deposit with the City Finance Department <br />in a minimum amount equal to 15% of the City Engineer's estimated <br />cost of installing the Stage I Development improvements described in <br />§9.50.50 Subd. 3b above. In lieu of this cash deposit, the owner or <br />subdivider may file a letter of credit approved by the City in a <br />minimum amount equal to 20% of the City Engineer's estimated cost <br />of the Stage I Development improvements. The decision on whether a <br />cash escrow or letter of credit will be used for this escrow requirement <br />will be made by the City Council on a case by case basis. <br /> <br />I <br />I <br /> <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 /> <br />