Laserfiche WebLink
NOW THEREFORE,the CITY agrees in principle to the following: <br /> 1) The City will act as the petitioning party for the Arterial Infrastructure improvements project <br /> as required by State Statute, Chapter 429. <br /> 2) The City will design Arterial Infrastructure Improvements for Phase IA and Phase 1B of the <br /> Bolton&Menk Arterial Infrastructure Analysis and to prepare plans and specifications. <br /> 3) The City will administer the State and City guided processes for bidding, constructing, and <br /> assessing costs for the Arterial Infrastructure Improvements. <br /> 4) The City will pay for 100% of trunk water and trunk sanitary sewer costs via the City's trunk <br /> water and trunk sewer funds of Phase IA and Phase 1B outlined in the Bolton & Menk <br /> Infrastructure Study. <br /> 5) The City will pay for the remaining arterial infrastructure costs for Phase IA and Phase 1B <br /> outlined in the Bolton&Menk Infrastructure Study,not assessed to private properties. <br /> 6) The City will allow all assessments placed against Capstone Homes to be deferred for a <br /> maximum five (5)years,though assessments shall accrue interest during deferment. <br /> 7) The City will allow all assessments placed against Hageman Holdings to be deferred for <br /> payment until the time of a future sale;though assessments shall accrue no interest during <br /> deferment. <br /> 8) The City will consider the EDA Fund(January 01,2017 balance of$829,000) and the Anoka <br /> County HRA/EDA Ramsey Account(January 01,2017 balance of$1,483,000) as the <br /> primary funding sources for this project. <br /> NOW THEREFORE, CAPSTONE HOMES agrees in principle to the following: <br /> 1) Capstone Homes will enter into an assessment agreement to be recorded against real property <br /> to pay for 40%of applicable arterial infrastructure improvements for Phase 1B outlined in the <br /> Bolton&Menk Infrastructure Study. <br /> 2) Capstone Homes will enter into an assessment agreement to be recorded against real property <br /> to pay for 16%of applicable arterial infrastructure improvements for Phase IA outlined in the <br /> Bolton&Menk Infrastructure Study. <br /> 3) Capstone Homes will supply a letter of credit meeting City standards,for 110% of their <br /> portion of arterial infrastructure improvements. This letter of credit will remain in place until <br /> assessments are paid off; and can drawn down in phases. <br /> NOW THEREFORE,HAGEMAN HOLDINGS agrees in principle to the following: <br /> 1) Hageman Holdings will enter into an assessment agreement to be recorded against real <br /> property to pay for 24% of applicable arterial infrastructure improvements for Phase IA <br /> outlined in the Bolton&Menk Infrastructure Study. <br /> 2) Hageman Holdings assessments will be due at the time of closing on future land sales, and <br /> shall accrue no interest. <br /> Page 2 of 3 <br />