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

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City Phase I Utility Improvements on the same dates that the City is obligated to commence and substantially complete construction of the City Phase I Roadway Improvements pursuant to Section 7.3. The City Utility Improvements will be public improvements, and the City will maintain the City Utility Improvements as public improvements. 8.4 FINANCING OF CITY PHASE I UTILITY IMPROVEMENTS. The City will issue general obligation revenue bonds pursuant to Minnesota Statutes, Chapter 444, to finance the City Phase I Utility Improvements. The City will repay the bonds from revenues the City's storm sewer, sanitary sewer and water system's generate (hook-up fees and rates and charges). For a period of three years after the date hereof, the City will not levy special assessments against the Subject Property to finance the cost of the City Phase I Utility Improvements. Thereafter, the City may levy special assessments against the Subject Property to finance the cost of the City Phase I Utility Improvements, but only to the extent necessary to cover shortfalls in the revenues received by the City from hook up fees and rates and charges from the Subject Property to cover debt service on the bonds issued to fmance the Phase I Utility Improvements. 8.5 CONDITIONS PRECEDENT TO CITY'S CONSTRUCTION OF CITY PHASE II UTIL]TY IMPROVEMENTS. The City is not obligated to commence construction of the City Phase II Utility Improvements until the conditions precedent described in Section 7.8 above are satisfied. 8.6 COMMENCEMENT AND COMPLETION OF PHASE II CONSTRUCTION. Subject to Force Majeure, the City is obligated to commence and complete construction of the City Phase II Utility Improvements on the same dates that the City is obligated to commence and substantially complete construction of the City Phase II Roadway Improvements pursuant to Sections 7.8 and 7.9. The City Utility Improvements will be public improvements, and the City will maintain the City Utility Improvements as public improvements. 8.7 FINANCING OF CITY PHASE II UTILITY IMPROVEMENTS. The City will issue general obligation revenue bonds pursuant to Minnesota Statutes, Chapter 444, to finance the City Phase It Utility Improvements. The City will repay the bonds from revenues the City's storm sewer, sanitary sewer and water system's generate (hook-up fees and rates and charges). For a period of three years after the date hereof, the City will not levy special assessments against the Subject Property to finance the cost of the City Phase II Utility Improvements. Thereafter, the City may levy special assessments against the Subject Property to finance the cost of the City Phase II Utility Improvements, but only to the extent necessary to cover shortfalls in the revenues received by the City from hook up fees and rates and charges from the Subject Property to cover debt service on the bonds issued to finance the Phase II Utility Improvements. 8.8 FEES. The City represents that the City's current charges for access, hook-up or connection to City water, sanitary sewer and storm water utilities are set forth on the attached Exhibit G. The City agrees that the City will not charge the Developer or any Secondary Developer any higher access, hook-up or connection fees or charges than those charged to other landowners within the City. The City makes no representations or warranties regarding the amount of future access, hook-up or connection charges. 1555730v13 25