Agenda - Council - 07/28/2020 - Laserfiche WebLink

Home

8. Payment of Assessment. [To be completed by Finance Director] The fixed interest rate applied to the Assessment shall be set at the five (5) year U.S. Treasury rate on the date of this agreement plus 2 percent. The owner of any property so assessed may, at any time prior to certification of the assessment or the first installment thereof to the county auditor, pay the whole of the assessment on such property, with interest accrued to the date of payment, to the municipal treasurer, except that no interest shall be charged if the entire assessment is paid within 30 days from the adoption thereof. The owner may at any time prior to November 15 of any year, prepay to the treasurer of the municipality having levied said assessments, the whole assessment remaining due. Assessments levied against any parcel shall be paid in full upon transfer of ownership. 9. Collateral. Owner shall furnish the City with an irrevocable letter of credit equal to 40% of the assessments made against the Property. This letter of credit will remain in place until all assessment payments are made. The City shall immediately draw on this letter of credit in the event Owner defaults on making any assessment payments. TThis letter of credit shall adhere to the City's Finance Department minimum standards and must be approved by the City's Finance Director. This letter of credit is separate from the letter of credit that will be required by the City through the City's standard platting and development agreement processes. 10. Successors and Assigns. The covenants, waivers and agreements contained in this Agreement shall bind the successors and assigns of each Owner and shall run with such Owner's portion of the Property and bind all its successors in interest. It is the intent of the parties hereto that this Agreement be in a form that is recordable in the land records of Anoka County, Minnesota, and they agree to make any changes in this Agreement that may be necessary to effect the recording of this Agreement against the title to the Property. 11. Termination. This Agreement shall terminate upon the final payment of all special assessments levied against that portion of the Property from the Improvement Project. The City shall then execute and deliver such documents, in recordable form, as are necessary to extinguish its rights hereunder. 12. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be an original, but all of which together shall constitute a single agreement. (left blank intentionally; signature pages and appendix to follow) Page 3 of 7