Agenda - Council - 08/26/1980 - Laserfiche WebLink

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DEVELOPMEN~ C(i;iTk/~Cl' - BURR OAK INDUSTRIAL PARK The Developer agrees to fully reimburse the City for all costs incurred by the City including, but not limited to, the actual cost of construction of said improvements, engineering fees, legal fees, inspection fees, in- terest fees, costs of acquisition of necessary easements, if any, and any other costs incurred by the City relating to this Development Contract and the installation of the aforementioned improvements within the plat. The Developer agrees to reimburse the City for all costs detailed above pertaining to said improvements within ten years from the date of levy of the special assessments for said improvements. The Developers, its successors and assigns agree to pay all special assessments when due. (b) The Developer and the City agree that the costs described above. pertaining to improvements shall be assessed against the benefited property for a ten year term, pursuant to Minnesota Statutes Chapter 429. The Developer agrees that this Development Contract shall be recorded in the office of the County Recorder for Anoka County and agrees 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, and further agrees to supply to the City a certified copy of the Development Contract which has been filed with the Anoka County Recorder indicating the date and time of filing and the book, page and document number by which said Development Contract is identified in the records of the Anoka County Recorder. The Developers agree and understand'that the City has the right, 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 shall be graded or improved, and the water, sewer, and other utility mains, piping or other facilities shall be in- stalled 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 th6t the City possess the statutory power to enforce such financial guarantee by all appropriate and 1.egal remedies. Said financial guarantee shall be a cash deposit as follows: The Developers shall deposit and maintain.on deposit by means desighated by the City Treasurer an amount equal to 10% of the total cost of the improvements with interest accruing to the Developer. The total estimate~ cost of the improvement is $ (escrow amount $ ). The Developers agree to supply said financial guarantee to the City p~ior to awarding the construction contracts by the City. The Developer agrees - that when 90% of the total cost of the improvements are paid in full, the -2-