Agenda - Council - 05/25/1993 - Laserfiche WebLink

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(c) The DEVELOPERS and the CITY agree that the costs described above pertaining to the improvements shall be assessed against the benefitted property on a five (5) year term, pursuant to City Code and that the financial guarantee, described in paragraph 8 below, will be in force and effect until all such special assessments are paid and all other obligations of DEVELOPERS under this Agreement are satisfied. The assessment and the specific terms of the assessment shall be pursuant to the terms of the "River's Bend 3rd Addition Special Assessment Agreement", attached hereto as Exhibit "A" and incorporated herein by reference. The financial guarantee described in paragraph 8 may be applied by the CITY to any of the obligations set forth in this Agreement in the absolute and sole discretion of the City Council. The CITY may pursue any other remedy for enforcement of such obligations or collection for the costs incurred by the CITY in connection therewith, and is under no obligation to apply the financial guarantee to any one or number of obligations as long as the CITY determines that there is a reasonable basis for believing that the dollars remaining in the financial guarantee may be needed to assure compliance with other remaining obligations of the DEVELOPERS. Developer's Financial Guarantee. The DEVELOPERS agree and understand that the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to the approval of the plans and specifications and approval of a final plat, to prescribe requirements and the extent to which, and the manner in which the streets be graded or improved, and the water, sewer, and other utitity mains, piping, or other facilities shall be installed and that the DEVELOPERS shall provide a financial guarantee to the CITY to provide for the actual construction and installation of the required Stage I Improvements and ali other obligations of DEVELOPERS provided for herein within a period specified by the City Council. Said financial guarantee shall provide that the CITY possess the statutory power to enforce such financial guarantee by all appropriate and legal remedies. The DEVELOPERS shall deposit w/th the CITY cash in an amount equal to fifteen percent (15%) of the total cost of the project In lieu of this cash deposit, the DEVELOPERS may file an irrevocable Letter of Cm. xSit or some other form of financial guarantee acceptable to the CITY in a minimllm amount equal to twenty percent (20%) of the mt,a/cost of the project. TI-tis financial guarantee, in addition to those purposes described above, shall assure the CITY that the improvements required herein wilt be actually consumcted and installed according to the specifications approved by the CITY, that the special assessments are paid as required /do