Agenda - Council - 01/26/1993 - Laserfiche WebLink

Home

t'scrP\~ f lInc' dnt'; sud' ImDravement~ DC!\'t Oeer madt anc! :.iJ: expense~ IherelOrt. h:.lVe been paid shall De returnee w rhe subdJvIoe: In mS!Jnl'e~ where ;l letter of credit i~ used In ileli of h cash escTO'" ~aJd klle: ot ~'redll ~1};,.lll De In a torm saustacwr\ w me> City ano tnt' temb tIlereo; SIl..11J SUDstanualJ) COmDj~ wllh tl1e prm:eaure as se: ionh TO;' ~i ~:asL eS~Tl1\', runc. : .Final Escnl\\ Requirements For Sragt' I Improvement~, Tnt' mimmum escrow reuuiremems described above art~ subleCI to Increase based on the developer's financial status In relanon to the project SIze That lS, lht escrow requirements may vary wnh each aeveloper oependmg OIl his credit wonhiness. The final escrow amount. above the mimmums described above. shall be determined by rhe City Council Each developer shall be required to submit with his aeveiopment appllcanon current audned financial statements. The City will rhen reVH:'" and analyzl: the financial sratemem~ and rhen issue ItS ODInJOn as to tl1e flnanclal stren~rh of rhe deveioper In relation to the proposed proJect, The report ,,'Vill rhen De rhe baSIS for rhe Cay to determine what. if any. addirional escrow over and above the minimum described in Paragraph c. above will be necessary before the project proceeds. The City may require access to the developers records in order to rest rhe accuracy of the developer's audited financial statements. Assessment. Upon complerion of the City ordered Stage I improvements. rhe Ciry shall cause to be sDeci:,illy assessed in rhe manner provided by Minnesota Statutes Chapte; ~:?9. 1 DOS of the ~ost or said improvement:" The assessments Shall De ievled agams: tt1t ben~fi!te~: lots in the Subdi\'isIon requirinf: p~lyn1enr in full o\'e:- ~ penod or five years. together with imeres:, A: the time of tile :,l:JDl1~:l[]On lor:.: certificate of OCCUDanC\ for any structures buill on ~ jar' which benefit by rhe improvements. 'the owner of the lot shall pay to rhe 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 reieased even though rhe original subdivider or owner may have conveyed the sub.iecr property. The escrow amount may be reduced or. :l qu:merly basis to an amount equal to L"Ie then outstanding balance o~ SDeCI:li assessments, Installation of Stage II Improvements. St::lge II improvemen~:: ~~- d::s:::--ibes i;: ~~.5(:.50 Subc.. 3: sh~! De :8~:;~1l:re2 and i:ls:alle~ ::-: :onfoITlun::- with Cir\ Standards and De:- me schecule estabiished b\ me Pe;-form:mce COntTac: required by *9,50.50 SUDe. -:-. . Stage II Improvements Escrow. A cash escrov,' 0;- letter 0: crecin equal to 125CJc or the Citv Em:ineer's estimated COSt or the Srag:e n l'm"'ro'v"mpn~c s'nall bp ,.;ppos'ired;'.;t;" t"hP r;t\' -'::I'n'l"'~p D~D~nmpn-~ ...... ... ~ ...................... J. .... u..... J. J,..l. ""'........J......I. 1 '-1.-1.1........... ......... a,j. ...... J.~. 7his es;:;row snaE be released onlY UDon final aDDfO\'al and acceptance oy the Ciry or said improvements. . . . . FHA and \ A approvaL The Ci~ wil: no: :J:.i:-ticipare in the :}:J.~'nl=rl: o:~ i:11:;ro\'emen: c.:OSIS Ci:--. Ges2:ioec ir-. :hi:; Se~-liOIi unless an:: ~:~:i~ :Ot C:r:, n~~ or; fii= ~ certifi~3.te incil~a~lnf. :naI rne orODosec ,::=v=lODi11;:::: iJ:'::-:. OOIn rr-i.~ anc \ .~ ~DDTa\'~_. a~5