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Subdivision. Design Standards § 9,50,30 e§. fh. ik. amount, above the minimums described above, shall be determined by the City Council ~n" ' i ....,~n, Pubtic Aeeotw..~,..~ tlr~, ~ Each developer shall be required to submit with his development application current audited financial statements. The City will then direct its IPA to review and analyze the financial statements and then issue its ,,c.~.~..~,~ ~ ~**~ Report:' .... thc. IPA's opinion as to the financial strength of the developer in relation to the proposed project. The ,,e..~..:,.,,.v,-~-.-., ~._,.._~..~,~... rep ori will then be the basis for the City to determine what, if any, additional escrow over and above the minimum described in Paragraph c. above will be necessary before the project proceeds. The ~ tit§ may require access to the developer's records in order to test the accuracy of the developer's audited financial statements. Thc Assessment. Upon completion of the City ordered 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 witt: 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 §9.50.50 Subd. 3c shall be constructed and installed .by-,,he-deYetop~ 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 II 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: