Agenda - Council - 07/25/2017 - Laserfiche WebLink

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NOW THEREFORE, the CITY agrees in principle to the following: 1) The City will act as the petitioning party for the Arterial Infrastructure improvements project as provided by Minnesota Statute, Chapter 429. 2) The City will design the Arterial Infrastructure Improvements for Phase 1A and Phase 1B of the Bolton & Menk Arterial Infrastructure Analysis and prepare plans and specifications. 3) The City will undertake bidding, construction, and assessing of costs for the Arterial Infrastructure Improvements. 4) The City will pay for 100% of trunk water and trunk sanitary sewer costs of Phase lA and Phase 1B outlined in the Bolton & Menk Infrastructure Study. 5) The City will pay for the remaining Arterial Infrastructure costs for Phase 1A and Phase 1B outlined in the Bolton & Menk Infrastructure Study, not assessed to private properties. 6) The City will consider the EDA Fund and the Anoka County HRA/ EDA Ramsey Account as the primary funding sources for this project. NOW THEREFORE, RIVERSTONE DEVELOPMENT agrees in principle to the following: 1) Riverstone Development will enter into an assessment agreement to be recorded against its real property to pay for 40% of applicable Arterial Infrastructure improvements for Phase 1B outlined in the Bolton & Menk Infrastructure Study. 2) Riverstone Development will enter into an assessment agreement to be recorded against its real property to pay for 16% of applicable Arterial Infrastructure improvements for Phase lA outlined in the Bolton & Menk Infrastructure Study. 3) Riverstone Development assessment conditions will include a five (5) year term and an interest rate consistent with the City's assessment policy. In the event lots are sold by Capstone Homes before the five (5) year term expires, assessments on said lots will be due, in -full, at the time of sale. 4) Riverstone Development will supply an irrevocable letter of credit meeting City standards, for 40% of their assessed portion of Arterial Infrastructure improvements. This letter of credit will remain in place until assessments are paid in full; and can drawn down in phases. NOW THEREFORE, HAGEMAN HOLDINGS agrees in principle to the following: 1) Hageman Holdings will enter into an assessment agreement to be recorded against Lot 1, Block 1, Alpha Development Plat to pay for 24% of applicable arterial infrastructure improvements for Phase 1A outlined in the Bolton & Menk Infrastructure Study. 2) Hageman Holdings assessments will be due at the time of closing on future land sales and shall accrue interest. Page 2 of 3