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! <br />! <br /> <br />- 3 - <br /> <br />DEVELOPMENT CONTRACT - FLINTWOOD HILLS 2ND ADDITION <br /> <br />the special assessments for said improvements, or <br />proportionately when a certificate of occupancy is <br />issued for each lot, whichever occurs first. <br /> <br />(b) <br /> <br />The Developers agree to notify the City of all <br />sales of lots within the plat. The Developers <br />further guarantee that they will notify all lending <br />institutions or persons involved in the sale of <br />the individual lots within said plat prior to the <br />issuance of a certificate of occupancy; in order <br />that the special assessments levied against a <br />particular lot can be paid in full. <br /> <br />(c) <br /> <br />The Developers and the City agree that the costs <br />described above pertaining to improvements shall be <br />assessed against the benefited property on a five <br />(5) year basis, pursuant to Ordinance 84-]3 of the <br />City Code and that the letter of credit described <br />in paragraph 6 below will be in force and effect <br />during said five (5) year term. This provision is <br />pursuant to Section ]70.039S of the City Code. <br /> <br />(e) <br /> <br />Upon execution of this Agreement, the City shall <br />return to the Developers their previously deposited <br />escrows, which escrow funds were deposited by the <br />Developer to insure payment for the preparation of <br />plans and specifications and feasibility reports. <br />These costs are project costs and shall be assessed <br />out over a period of five (5) years together with <br />the other improvement costs described herein. <br /> <br />Upon filing ~f the plat by the Developers, which <br />plat includes dedication of Dysprosium Street to <br />the City, the City shall make payment to the <br />Developers for the right-of-way as resolved by the <br />City Council on May ]4, ]985 in Resolution No. 85-. <br />Prior this payment, the Developers shall grade <br />Dysprosium Street N.W. and the turn lane at County <br />Road No. ]]6 to the subgrade elevation as shown on <br />the street plans as prepared by the City Engineer. <br /> <br />The Developers agree that this Development Contract <br />shall be recorded in the office of the Anoka County <br />Recorder and agree that the terms and provisions of this <br />Contract shall be a covenant imposed on each lot <br />included within the plat. <br /> <br />The Developers agree and understand that the City has <br />the right, privilege and authority pursuant to <br />Minnesota Statutes Chapter 462.358 as a condition <br />precedent to the approval of the plans and <br />specifications and approval of a final plat, to <br /> <br /> <br />