11/20/86 Jt CC P&Z and EDC - Laserfiche WebLink

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abal! prepare · proposed Development Contract in accordance ~it~ the specificstions of this ch·pter. The proposed development contract along with the applicant's site plan/building desig~ pla~ and Engineer's review shall be forva:ded to the PlanninE C~ission. The Planning Commission shall review the site plan/building design plan application. After said review, the Planning Commission shall adopt findings of fact and shall make a recommendation for approval or denial to the City Council. The City Council shall review the application , adopt findings of fact related to it and either approve or deny the application. The Council may, as a condition of approval, require certain additional conditions in either the proposed development agreement or the site/building design plan. The City Council's final action on the application shall be the City's final action on the application. Development Contract Prior to approval of the site/building design plan application and prior to construction of any required site improvements, the applicant shall enter into a contract with the City. This contract shall require the applicant to construct all improvements on the site at the applicant's sole expense and in accordance with City plans and specifications. Said contract shall also provide that the City will be reimbursed for all costs incurred by the City for engineering and legal fees and other expenses in connection with the processing and administration of the application. The performance of said contract shall be financially secured by a cash escrow deposit or other security as hereinafter set forth. In addition, the contract shall provide that the applicant agrees to permit the City to enter the site and complete any City-required improvements which the applicant fails to complete. The contract shall also provide that it is binding on all heirs, assigns, and successors of the applicant. A copy of the contract shall be kept on file as part of the permanent record of the site and a copy shall be recorded at the Anoka County Recorder's Office. To ensure that the site is developed in accord with the approved plans and City specifications, the applicant shall provide a cash escrow, certificate of deposit, letter of credit from an acceptable financial institution or performance bond. The financial security shall be in an amount which equals 150% of the Estimated construction cost of all required City improvements (as estimated by the City Engineer) as outlined in this chapter exclusive of the cost of the actual building(s) to be constructed on the site. The financial security required herein may be used by the City to install or complete any of the City's required on- site improvements which the applicant fails to complete. Upon final aproval by the City Engineer certifying that all on-site improvements have been completed in accordance with the development agreement and City standards, the financial security 93