Agenda - Council - 08/14/1984 - Laserfiche WebLink

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I CITY PARTICIFATION, ~E$IDENTIAL {~VELOPHENT$ Certain Improvements. The o~ner or subdivider engaged iu the ~evelopn'eut of buds znd properties Yhich are zoned Residential Districts My request City participation in the ps,neat of the costs of the installation of sanitary sever, water o~stem, street, Curb end S~tter and sto~ sewer iuprove~nts required b~ this section and, in such event, such ~er or subdivider shall coupl~ ~th the requirements of this section. Installation b~ Cit~. ~1 StaSe I improvements 0~11 ~ planned fnd ~esisned by the City Engineer and shall ~ installed by the City. The ad~nistrative char~es of the Cit~ Engineer in connection ~th such improvements shall ~ included in the costs determed in ou~ivision 3 ~nt~ g~cr,O~ ~utr~ment, fo~ St~ I ~prov~ent~. ~ ~er or Subdivider shall rake ~ ~sh ~postt ~th the Ctt~ Fiance Depart~nt ~n a ~n~m~ ~ount eq~l to fffteen ~rcent (15~) of the EnS~neer~s esti~ted cost of ins~a~l~ns the Sta~e I ~velo~ent ~improvements descri~d' i~ctio~ [70/039~)above. In lieu of this ~deposit, ~ht ~ ~r ~di~i~er ~y i'ile a let~tr of credit approve~ by ~he City In a ~nieu~ ~ou~t ~ual to ~enty ~rcent (20I) of the City Engineer's esti~ted cost of the Stage I ~velo~ent ~prove~ents. The decision on ~ether a ~sh escrov or letter of credit ~11 ~ used for this escro~ require~nt ~11 ~ ~de by the City. ~uncil ~ a ~se by ~se ~sis.. Final Escro~ Requirements for Sta~.e I Improvemen.t.s. The minimum escrow requirements described above are subject to increase based on the developer*s financial status in relation to the project size. That is, the escrov require~ents ~ay vary ~lth each developer dependin~ on his credit vorthiness. The final escro~ a~ount, above the mini=u~s described above, shall be detersflned by the City Council in conjunction vi,th its Independent Public Accountant (IPA). F~ch developer shall be required to submit with his development application current audited financial state,ants. The City w111 then direct its 1PA to revlev and analyze the financial-Statements and then issue its 'Special Letter Report" outlining the IPl's opinion as to the financial strength of the developer in relation to the proposed project. The 'Special Letter Report' viii then be the basis for the City to deteredne ~hat, if any, additional escrov over and above the minimuu described in Paragraph 3 above will be necessary before the project 'proceeds. The IPA may require access to the developer's records in order to test the accuracy of the developer's audited financial statements. The City Council shall consult with the IPA and City Staff in arrivins at the final escrou requireBent. Assessment. Upon co~pletion of the Stage I improvements, the City shall cause to be specially assessed in the ~anner provided by ltinnesota Statutes Chapter &29, one hundred percent (lOSS) of the cost of said t~prove~ents. The assessments shall be levied against the benefitted lots in the aub~ivlsion requiring payment in full over a