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

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i I i I I I I I I I I I I I i I I - 3 - DEVELOPMENT CONTRACT - RIVER'S BEND (c) The Developers and the City agree that the costs described above pertaining to improvements shall be assessed against the benefited property on a 5 year basis, pursuant to Minnesota Statutes Chapter 429. The Developers agree that this Development Contract shall be recorded in the office of the Anoka County Recorder and agree that the terms and provisions of this Contract shall be a covenant on any and all deeds relative to the property included in the plat. The Developers agree and understand that the City has the ~ight, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 as a condition precedent to the approval of the plans and specifications and approval of a final plat, to prescribe requirements and the extent to which, and the manner in which the streets be graded or improved, and the water, sewer, and other utility mains, piping or other facilities shall be installed and that the Developers shall provide a financial guarantee to the City to provide for the actual construction and installation of the required improvements within a 'period specified by the City Council. Said financial guarantee shall provide that the City possess the statutory power to enforce such financial guarantee by all appropriate and legal remedies. Said financial guarantee shall be a letter of credit as follows: The Developers shall provide the City, in a form acceptable to the City, a letter of credit in an amount equal to of the total cost of the project. The City will accept the letter of credit subject to the Developers' agreement that all levied special assessments pertaining to the lots within the subdivision be paid at the time a certificate of occupancy is issued for a residence within the subdivision and payment of all pending special assessments pertaining to the lots within the subdivision be guaranteed by excrowing an amount equal to 110% of the pending special assessments at the time of the issuance of the certificate of occupancy for residence on any one of the lots within the subdivision. The total estimated costs of the improvement is $1,300,000.00 (escrow amoUnt is $ ). The financial guarantee shall assure the City that the improvements required herein will be actually constructed and installed according to specifications approved by the City, and that the special assessments are paid as required herein.