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- 5- <br /> <br />170. 039D <br /> <br />CITY PARTICIPATION, RESIDENTIAL DEVELOPMENTS <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Certain Improvements. The owner or subdivider engaged in the <br />development of lands and properties which are zoned Residential <br />Districts may request City participation in the payment of the costs of <br />the installation of sanitary sewer, water system, street, curb and <br />gutter and storm sewer improvements required by this section and, in <br />such event, such owner or subdivider shall comply with the requirements <br />of this section. <br /> <br />Installation by City. All Stage I improvements shall be planned and <br />designed by the City Engineer and shall be installed by the City. The <br />administrative charges of the City Engineer in connection with such <br />improvements shall be included in the costs determined in subdivision 3 <br />of this section. <br /> <br />Minimum Escrow Requirements for Stage I Improvements. The owner or <br />subdivider shall make a cash deposit with the City Finance Department <br />in a minimum amount equal to fifteen percent (15%) of the City <br />Engineer's estimated cost of installing the Stage I Development <br />improvements described in Section 170.039B above. In lieu of this cash <br />deposit, the owner or subdivider may file a letter of credit approved <br />by the City in a minimum amount equal to twenty percent (20%) of the <br /> ! <br />City Engineer s estimated cost of the~St~-~I Development improvements. <br />The decision on whether a cash escrow or letter of credit will be used <br />for this escrow requirement will be made by the City Council on a case <br />by case basis. <br /> <br />..~,}~'. Final Escrow Requirements for Stage I Improvements. The minimum escrow <br /> requirements de@cribed _above are subject to increase based on the <br /> - ~evelop~r's f'inancial~ in relation to the project size. That <br /> is, the escrow requirements may vary with each developer depending on <br /> <br /> i his credit worthiness. The final escrow amount' above the minimums <br /> described above, shall be determined by the City Council in conjunction <br /> with its Independent Public Accountant (IPA). Each developer shall be <br /> required to submit with his development application current audited <br /> I financial statements. The City will then direct its IPA to review and <br /> analyze the financial statements and then issue its "Special Letter <br /> Report" outlining the IPA's opinion as to the financial strength of the <br /> developer in relation to the proposed project. The "Special Letter <br /> Report" will then be the basis for the City to determine what, if any, <br /> additional escrow over and above the minimum described in Paragraph 3 <br /> ~ ~ above will be necessary before the project proceeds. The IPA shall <br /> consult with the City Staff and the City Council in arriving at the <br /> Y--~- Finai Escrow Requirement. The IPA may requir~.the developer's records <br /> in order to test the accuracy of his audited financial statements. <br /> <br /> 5. <br /> <br />Assessment. Upon completion of the Stage I improvements, the City <br />shall cause to be specially assessed in the manner provided by <br />Minnesota Statutes Chapter 429, one hundred percent (100%) of the cost <br />of said improvements. The assessments shall be levied against the <br />benefitted lots in the subdivision requiring payment in full over a <br /> <br /> <br />