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

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DEVELOP~-iLNI CONCRACT - PARKWAY ESIATES' o The Developers agree 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, interest fees, costs of acquisition of necessary easements, if any, and any'other cost incurred by the City relating to this Development Contract and the in- stallation of the aforementioned improvements. (a) The Developers agree to reimburse the City for all costs described above pertaining to improvements within 5 years from the date of the levy of the special assessments for said improvements, or proportionate- ly as the Developers sell each lot, whichever occurs first. (b) The Developers agree to notify the City of all sales of lots within the plat. The Developers further guarantee that they will notify all lend- ing institutions or persons involved in the sale of the individual lots within said plat that they are obligated to reimburse the City for that lots portion of the total cost of the above improvements. The Developers further agree to direct the lending institutions to pay to the City out of the proceeds of sale on or before the date of closing on each individ- ual lot, its proportionate share of the cost of the improvements covered by this Contract. The Developers and the City agree that the costs described above pertain- ing to improvements shall be assessed against the benefited property on a 5 year basis, pursuant to Minnesota Statutes Chapter 429. The Developers agree that this Development Contract shall be recorded in the office of the County Recorder for Anoka County and agree 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. The Developers further agree to supply to the City a certified copy of the Development Contract which has been filed with 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 installed 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 that the City possess the statutory power'to enforce such financial guarantee by all appropriate and legal rem- edies. Said financial guarantee shall be a cash deposit as follows: The Developers shall deposit and maintain on deposit, with the City Treasurer, an amount equal to 25% of the total cost of the project. The City'will accept - 2 -