Agenda - Council - 06/24/1986 - Laserfiche WebLink

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levied against a particular lot can be paid in full. c. The Developer and the City agree that the costa described above pertaining to improvements shall be assessed against the benefitted property on a five (5) year basis, pursuant to Ordinance ~84-8 of the City Code and that the letter of credit described in paragraph ~ below will be in force and effect during said five (5) year term. This provision is pursuant to Section 170.0295 of the City Code. d. Upon execution of this agreement, the City shall return to the Developer their previously deposited escrow, which escrow funds were deposited by the Developer to insure payment for the preparation of plans and specifications and feasibility reports. These costs are project costs and aha11 be assessed out over a period of five (5) years together with the other improvement costs described herein. The Developer agrees that this development agreement 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 imposed on each lot included within the plat. The Developer agrees and understands that the City has the right, privilege and authority pursuant to Hinneaota Statutes Chapter 462.358 as a condition precedent to the approval of the plans and specifications and approval of n final plat, to prescribe requirements and the extent to which the streets be graded or improved, and the water, sever, and other utility mains, piping or other facilities aha11 be installed and that the Developer 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 paver to enforce such financial guarantee by all appropriate and legal remedies. Said financial guarantee shall be a letter of credit as follows: the Developer aha11 provide the City, in a form acceptable to the City, a letter of credit in an amount equal to percent ( I) of the total cost of the project or a cash deposit in the amount of percent ( 1) of the total project cost. The City viii accept the letter of credit subject to the Developer*s agree~nent that all levied special assessments pertaining to the lots within the pint be paid at the time e certificate of occupany is issued for n residence within the plat and payment of all pending specinll assessments pertaining to the lots within the plan be guaranteed by -3-