Agenda - Council - 07/12/2016 - Laserfiche WebLink

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following calendar year. Upon completion of the City's Phase I Roadway Improvements, the City Phase I Roadway Improvements will constitute public streets and will be maintained by the City as public streets. 7.4 STREET SIGNS AND GROUNDCOVER ESTABLISHMENT. The City's obligation to construct the City Phase I Roadway Improvements includes the obligation to install all street identification signs and traffic control signs and signals required under the terms of the RTC Controls or required by any Other Regulatory Agency to serve the City Phase I Roadway Improvements. The City must also, as a part of the cost of construction the Phase I Roadway Improvements, seed or sod the boulevards adjacent to the City's Phase I Roadway Improvements pursuant to the requirements set forth in the Master Development Plan. Other than seeding or sodding the boulevards pursuant to the preceding sentence, the City is not responsible for any landscaping associated with the City Phase I Roadway Improvements. 7.5 CITY PHASE I ROADWAY IMPROVEMENTS FINANCING. The City will issue general obligation improvement bonds pursuant to Minnesota Statutes, Chapter 429 to finance the City Phase I Roadway Improvements. The City will pay 80% of the cost of the City Phase I Roadway Improvements (including the cost of the street signs and groundcover establishment described in Section 7.4) from the City's capital project fund and will specially assess 20% of the costs of the City Phase I Roadway Improvements (including the cost of the street signs and groundcover establishment described in Section 7.4) against the Subject Property in the percentages set forth on Exhibit F. The levied special assessments will be payable in installments over a term of 15 years with interest at a rate equal to the rate the City is obligated to pay the general obligation improvement bonds referenced in this Section 7.5 plus 5 basis points. 7.6 ASSESSMENT AGREEMENT FOR CITY PHASE I ROADWAY IMPROVEMENTS. Minnesota Statutes Chapter 429, the City's Charter and the City's Ordinances authorize the City to assess the cost of the City Phase I Roadway Improvements against the Subject Property. The City currently estimates that the City Phase I Roadway Improvements will cost $4,380,175.00. The Developer hereby consents to an assessment by the City in an amount equal to $876,035.00 against the Subject Property (to be allocated among lots and outlots in the Master Final Plat creates pursuant to the percentages set forth on Exhibit F), pursuant to Minnesota Statutes Chapter 429, the City Charter and the City Ordinances and waives any and all procedural and substantive objections to a special assessment in that amount, including, but not limited to, notice and hearing requirements, claims that the Subject Property, or any part thereof, does not receive a benefit from the City Phase I Roadway Improvements, claims that the assessment is not uniform upon the same classes of property and claims that the amount of the special assessment allocated to any lot or outlot pursuant to Exhibit F exceeds the benefit to such lot or outlot. Developer also waives any appeal rights otherwise available pursuant to Minnesota Statutes, Section 429.081 and any rights available under the City Charter or the City Ordinances. As set forth in Section 16.4, the consents and waivers set forth in this Section 7.6 run with title to the Subject Property and are binding on the Developer and its successors and assigns. The City does not intend to levy the special assessment until the City completes the City Phase I Roadway Improvements. Until the City levies the special assessment, the special assessment constitutes a pending special assessment. Once the City levies the special assessment and subject to Section 7.7, Developer must pay the installments of special assessment certified for payment with annual real estate taxes when and as they become due. Upon the 1555730v13 20