Agenda - Council - 08/23/1983 - Laserfiche WebLink

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m I I I I I I I I I I I i I I I I I 170.039C 1. 3. 4. 170.039D 1. 2. 3. 4. 5. 6. 7. 8. Maintenance of Storm Water Sewer and Facilities Boulevard Sodding BASIC IMPROVEMENTS INSTALLED BY DEVELOPER General Rule. No final plat shall be approved unless the owner complies with the requirements of this section. Stage I Improvements. Stage II Improvements. Escrow of Required Deposits. PARTICIPATION OF CITY, RESIDENTIAL DEVELOPMENTS Certain Improvements. The owner or subdivider of properties which are zoned Residential may request City participation in the payment of the costs of improvements required by this section. Installation by City. Ail such improvements shall be planned and designed by the City Engineer and shall be installed by the City. Minimum Escrow Requirements for Stage I Improvements. The owner or subdivider shall make a cash deposit of a minimum of 15% of the City Engineer's estimated cost of installing the Stage I Improvements, or in lieu of a cash deposit, a letter of credit equal to a minimum of 20% of the City Engineer's estimated cost of the Stage I Improvements. The City will determine whether the escrow will be 15% cash or a 20% letter of credit. Final Escrow Requirements for Stage I Improvements. The final escrow amount will be determined by the City in conjunction with advice from its Independent Public Accountant as to the credit worthiness of the developer. Assessment. Upon completion of such improvements, the City shall cause to be specially assessed in the manner provided by Minnesota Statute Chapter 429, the remaining costs of the improvements against the lots in the subdivision requiring payment in full over a period of five (5) years together with interest thereon. Installation of Stage II Improvements. These improvements shall be installed by the developer in accordance with City standards. 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 until the improvements are completed. FHA and VA Approval Requirement. The City will not participate in payment of any improvements unless FHA and VA approval are given for the project.