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Subdivision - Design Standards
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<br />§ 9.50.30
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<br />amount, above the minimums described above, shall be determined by
<br />the City Counci!qn -"-'-: .... ~: ..... :,,~, :,,, T..a .... ,~.-"'" Public
<br />............. , .... j. Each developer shall be required to submit with
<br />his development application current audited financial statements. The
<br />City will then di......,~...,~, ..o:*" ..tDa.. ,..... review and analyze the financial
<br />statements and then issue its ,,e......;,.~ T ,~,,... r~ .... +,, ....,~:.:...,
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<br />thc IPA's opinion as to the financial strength of the developer in
<br />relation to the proposed project. The "Special Letter Report"
<br />report will then be the basis for the City to determine what, if
<br />any, additional escrow over and above the minimum described in
<br />Paragraph c. above will be necessary before the project proceeds. The
<br />!PA £1t§ may require access to the developer's records in order to
<br />test the accuracy of the developer's audited financial statements. -T-he
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<br />Assessment. Upon completion of the City ordered Stage I
<br />improvements, the City shall cause to be specially assessed in the
<br />manner provided by Minnesota Statutes Chapter 429, 100% of the
<br />cost of said improvements. The assessments shall be levied against
<br />the benefitted lots in the Subdivision requiring payment in full over a
<br />period of five years, together with interest. At the time of the
<br />application for a certificate of occupancy for any structures built on a
<br />lot which benefit by the improvements, the owner of the lot shall pay
<br />to the City Finance Department the principal balance of such
<br />assessment remaining unpaid, together with accrued interest thereon.
<br />The escrow required in Paragraphs c. and d. above shall not be
<br />released even though the original subdivider or owner may have
<br />conveyed the subject property. The escrow amount may be reduced
<br />on a quarterly basis to an amount equal to the then outstanding balance
<br />of special assessments.
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<br />Installation of Stage II Improvements. Stage II improvements
<br />as described in !}9.50.50 Subd. 3c shall be constructed and installed
<br />~-",,.,. '~-~,,,, ,.,,.,,,,,,_,~,,,,'~ .... ~ .... in conformance with City Standards and per the
<br />schedule established by the Performance Contract required by
<br />1}9.50.50 Subd. 7.
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<br />Stage II Improvements Escrow. A cash escrow or letter of
<br />credit equal to 125% of the City Engineer's estimated cost of the Stage
<br />II improvements shall be deposited with the City Finance Department.
<br />This escrow shall be released only upon final approval and acceptance
<br />by the City of said improvements.
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<br />FHA and VA approval. The City will not participate in the
<br />payment of improvement costs as described in this Section unless and
<br />until the City has on file a certificate indicating that the proposed
<br />development has both FHA and VA approval.
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<br />Requirements Waived. The City Council, in it's discretion, may
<br />waive the foregoing requirements of this section if all of the following
<br />conditions are met:
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