Agenda - Council - 03/28/1983 - Special

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i I I I I I I ! I I I I I ! I ! I I I 170.039D 1. - 18 - Escrow of Required ~eposits. All sums deposited with the City in accordance with this section shall be kept in separate funds which funds shall be encumbered and earmarked for the later construction of the particular improvements within the particular subdivision provided, however, that the deposits for concrete curb and gutter and boulevard sodding may be merged into a single fund. Interest earned on the investment of those funds shall accrue and be added to the appropriate fund. PARTICIPATION OF CITY, RESIDENTIAL DEVELOPMENTS Certain Improvements. The owner or subdivider engaged in the development of lands and properties which are zoned Residential Districts may request City participation in the payment of the costs of the installation of sanitary sewer, water system, street and curb and gutter and storm sewer improvements required by this section and, in such event, such owner or subdivider shall comply with the requirements of this section. Cash Deposit. The owner or subdivider shall make a cash deposit with the City Finance Department in an amount equal to 25% of the estimated cost of installing such improvements as such costs are determined by the City Engineer. The deposit shall be applied to the costs of such installations. In addition, prior to the completion of a feasibility, the owner or subdivider shall make a cash deposit to cover the feasibility cost as determined by the City. The 25% cash deposit shall be made upon completion of the feasibility and prior to the ordering of plans. Following receipt of bids, the owner o~ developer shall provide a letter of credit or bond acceptable to the City for the remaining costs based on the bid prices to guarantee the payment of the assessments. If at any time during construction the City Engineer determines the amount of the letter of credit or bond is inadequate, the City shall demand an increase in the letter of credit or bond. The City reserves the right to accept or reject any bond .... Installation by City. Ail such improvements shall be planned and designed by the City Engineer and shall be installed by the City. The administrative charges of the City Engineer in connection with such improvements shall be included in the costs determined in subdivision of this section. Assessment. Upon completion of such improvem_'ents, 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. At the time of the application for a certificate of occupancy or at the time of transfer of title with respect to any of the lots in the subdivision, the applicant or seller shall pay to the City Finance Department the principal balance of such assessment remaining unpaid together with accrued interest thereon.