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 provided by Minnesota Statute,Chapter 429. <br /> 2) The City will design the Arterial Infrastructure Improvements for Phase IA and Phase IB of <br /> the Bolton&Menk Arterial Infrastructure Analysis and prepare plans and specifications. <br /> 3) The City will undertake bidding, construction, and assessing of costs for the Arterial <br /> Infrastructure Improvements. <br /> 4) The City will pay for 100% of trunk water and trunk sanitary sewer costs of Phase IA and <br /> Phase IB outlined in the Bolton&Menk 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 consider the EDA Fund and the Anoka County HRA/EDA Ramsey Account as <br /> the 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 its real <br /> property to pay for 40% of applicable Arterial Infrastructure improvements for Phase 1B <br /> outlined in the Bolton&Menk Infrastructure Study. <br /> 2) Capstone Homes will enter into an assessment agreement to be recorded against its real <br /> property to pay for 16%of applicable Arterial Infrastructure improvements for Phase IA <br /> outlined in the Bolton&Menk Infrastructure Study. <br /> 3) Capstone Homes assessment conditions will include a five (5)year term and an interest rate <br /> consistent with the City's assessment policy. In the event lots are sold by Capstone Homes <br /> before the five (5)year term expires, assessments on said lots will be due,in-full,at the time <br /> of sale. <br /> 4) Capstone Homes will supply an irrevocable letter of credit meeting City standards, for 40% <br /> of their assessed portion of Arterial Infrastructure improvements. This letter of credit will <br /> remain in place until assessments are paid in full; 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 Lot 1, <br /> Block 1,Alpha Development Plat to pay for 24%of applicable arterial infrastructure <br /> improvements for Phase IA 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 interest. <br /> Page 2 of 3 <br />