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'1 <br /> <br />170.039D <br /> <br />CITY PARTICIPATION, IESIDENTIAL I~VELOPNEKFS <br /> <br />Certain Improvements. The owner or subdivider engaged in the <br />development of l~nds and properties which are zoned Residential <br />Districts My request City participation in the payment of the costs of <br />the installation of sanitary sewer, water system, street, curb and <br />gutter and stor~ sewer improvements required by this section and, in <br />such event, such owner or subdivider zhsl! comply with the requirements <br />of this section. <br /> <br />,Installation by Ctt7. All Stage I improvements shall be planned and <br />designed by the City Engineer and shall be installed by the City· The <br />ad~inistrative charges of the City Engineer in connection with such <br /> <br /> improvements shall be included in the costs deter=tried in subdivision 3 <br /> of this section. <br /> <br /> Hini~u~ Escrow Requirements for Sta~e I Improvements. The owner or <br /> ~ubdivtder shall ~ake a cash deposit with the City Finance Department <br /> in a ~inimu~ amount equal to fifteen percent (15Z) of the City <br />Engineer's estimated cosine Stage I Development <br />~~m_p_rovements described inlSection 170.039~\above. In lieu of this cash <br /> by the City in a ~dnimum amount equal to twenty percent (20Z) of the <br /> City Engineer's eati~ated coat of the Stage I Development improvements. <br /> The decision on ~hether a cash escrow or letter of credit vi11 be used <br /> for this escrow requirement vi11 be ~ade by the City Council on a case <br /> by case basis. <br /> <br />0 <br /> <br />Final Escrow Requirements for Sta~e I Improvements. The minimum escrow <br />requirements described above are subject to increase based on the <br />developer's financial status in relation to the project size. That is, <br />the escrow requirements ~ay vary with each developer depending on his <br />credit worthiness. The final escrow amount, above the minimums <br />described above, aha11 be determined by the City Council in conjunction <br />with its IndgPendent Public Accountant (IPA). Each developer shall be <br />required to submit with his development application current audited <br />financial statements. The City viii then direct its IPA to review and <br />analyze the financial statements and then issue its 'Special Letter <br />Report' outlining the IPA's opinion as to the financial strength of the <br />deveIoper in relation to the proposed project. The 'Special Letter <br />Report" viii then be the basis for the City to determine what, if any, <br />additional escrow over and above the minimum described in Paragraph 3 <br />above w111 be necessary before the project proceeds. The IPA may <br />require access to the develOper's records in order to teat the accuracy <br />of the developer's audited financial statements. The City Council <br />shall consult with the IPA and City Staff in arriving at the final <br />escrow requirement. <br /> <br />Assessment. Upon completion of the Stage I inprove~ents, the City <br />shall cause to be specially assessed in the ~anner provided by <br />Hinnesota Statutes Chapter &29, one hundred percent (1OOI) of the cost <br />of said Improvements. The assessments shall be levied against the <br />benefitted lots in the subdivision requirinS payment in full over a <br /> <br /> <br />